Bitcoin’s price has surged to a new all-time high, hitting $19,000 on some exchanges before tumbling back down to about $14,000. A massive selloff of Bitcoin from Coinbase in the wake of its recent decision by US regulators that it is no longer a security saw 10,055 BTC leave the exchange over 24 hours – worth roughly $1 billion at press time.
The ‘non-stop’ end-of life buying spree started yesterday and shows no sign of slowing down as bitcoin hit yet another record today with coinbase reporting 1 million users signing up for accounts in just one day
The “is coinbase free” is a question that has been asked by many people. Coinbase is the most popular cryptocurrency exchange in the world, and they have had to deal with some issues over the years.
On Dec. 30, around 10,000 Bitcoin (BTC) departed major US-based exchange Coinbase, indicating that investor interest is returning to the domain.
Coinbase’s professional trading arm, Coinbase Pro, lost 9,925 BTC in the 24 hours leading up to New Year’s Eve, according to data from on-chain monitoring site Coinglass.
In December, Binance added 66,000 bitcoins (BTC).
The buy-in, which contrasts with increasing or flat balances on other major exchanges, represents a notable short-term trend shift.
Increased BTC inflows were seen in the second half of December on platforms like Binance and OKEx, which observers believed may be a forewarning of a sell-off.
While a mass sale of BTC has yet to take place, not everyone thinks that this will remain the case.
At the same time, a more recent notion claims that the migration of registered Chinese customers from Huobi Global might be causing a restructuring of money.
Binance is up 840 BTC as of Friday, according to Coinglass, while OKEx has had 767 BTC inflows. Huobi has lost just 158 BTC, but a massive 14,044 BTC has left its books in December as a whole, indicating the scale of the Chinese user exodus.
In terms of monthly inflows, Binance handily dominates, with over 66,000 BTC up since the end of November.
Nonetheless, as 2021 came to a close, it was Coinbase that caught the attention of analysts.
Ryan Clark, a famous Twitter trader, said, “Coinbase purchasing has been fairly constant today.”
Summary of bitcoin exchange BTC balances as of December 31. Coinglass is the source of this information.
A “flippening” of institutions is on the way.
Institutions are expected to re-enter the spotlight when it comes to BTC ownership in early January, after the Christmas season.
In 2021, the first US Bitcoin ETF will be a ‘dud,’ as the GBTC discount remains at record lows.
Trading company QCP Capital declared a “flippening” in the investor arena from retail to institutional in its end-of-year summary and 2022 projection report, “Just Crypto.”
“The first thing we anticipate to see in 2022 is a huge shift in crypto ownership from mostly retail to institutional players, with institutional players having a substantially greater share,” it said.
Big players would be unaffected by previous price movements in such a circumstance, with BTC spot allocations outperforming assets like crypto stocks in 2021.
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