Amid Institutional Dip Buying, Bitcoin Withdrawals from Coinbase Continue

Kavya  |  May 22, 2021

A pictorial representation by Glassnode data aggregator depicts how strong Bitcoin "dip buying" is still going on, while whales and institutions are withdrawing large quantities of  Coinbase Bitcoin.

Withdrawal of Bitcoins From Coinbase In Large Quantities

The Glassnode chart shows that, except for Coinbase, Bitcoin balances have been increasing over the last two months on three major exchanges.

Binance is the leading network in this regard, with both the highest rise and the lowest decline in BTC balances. The Winklevoss twins' Gemini is listed after Binance, followed by Huobi, the largest Chinese trade.

On the other hand, the US-based exchange platform, Coinbase displaying the flagship digital currency's dwindling balances.

Institutions Continue To Buy Strong Bitcoin Dip

Jann Happell and Jann Allemann, founders of Glassnode to express their belief on their joint Twitter account about financial institutions continue to buy Bitcoin in large quantities while it is on the decline.

They also published a Glassnode chart that indicates a decrease in the number of transfers from OTC desk wallets (seven-day MA).

Previously, they announced that long-term holders were aggressively accumulating Bitcoin as the Long-Term Holder Net Position Change indicator began to turn green.

The CEO Of Binance US Speaks About Bitcoin's Downfall

Brian Brooks, the CEO of Binance US and former head of the Currency Comptroller office, holds a similar opinion.

With a wide range of tools available for trading equities, Brooks clarified, "there is a lot more market discovery in the conventional asset classes: you have swaps, futures, shorting trades."

According to Brooks, none of the major crypto exchanges in the United States have been permitted to incorporate products that would provide further price discovery to the industry.

Brooks cited inflation, foreign tension, and "questions from China" as reasons for the downturn. People have been forced to sell risky assets as a result of all of this.

 

Related News