Bitcoin surges to the $30K level which makes it clear that the bull run is continuing and made a new all-time high. Along with this, it has been seen that the way Bitcoin investors are performing is ensuring the bull run ahead. On the backdrop of this, in the last 48 hours, huge buying has happened on the Coinbase platform as it has reported huge Bitcoin outflows. Ki-Young Ju, CEO of Crypto Quant, has said that around 12,000 BTC has been moved out of Coinbase to different cold wallets.
Breaking 30k is going to be tough, but institutions don't care. They just buy it more.
— Ki Young Ju 주기영 (@ki_young_ju) January 1, 2021
Investors Buying Bitcoin Through Stablecoins as Bitcoin surges to $30K
It is assumed that such huge Bitcoin outflows might be due to big OTC deals. This kind of deal happens when institutions buy Bitcoin in a huge quantity. Even though there are claims that it will be difficult to surpass the $30K level for Bitcoin, the institutional investors do not seem to consider this as they have been buying Bitcoin to a very great extent.
As Bitcoin surges to $30k, it has been seen that investors are depositing stablecoins to the exchanges in a huge amount. The reason behind these deposits is to buy Bitcoin as stablecoin deposits are equal to cash deposits at the exchanges so that they can buy crypto.
Coinbase Users Buying Dip Massively
According to one crypto analyst, Joseph Young, Coinbase users have been buying at dips massively. He stated:
“Don’t bet against Coinbase $BTC dip buyers. These guys are the same people who rescued Bitcoin when it dropped to $16ks in November.”
He also stated that even though Bitcoin is continuing its rally to pass the $30K level, it will not be possible in a one go. Its performance will be quite similar like it was during the bull run to $20K. At $30K, huge crypto exchanges like Binance and Bitfinex are showing huge selling pressure.