Bitcoin (BTC) may arouse renewed interest from large buyers as data shows that large parts of the coin are leaving Coinbase’s main exchange platform.
As evidenced by surveillance resources, including Whale Alert and CryptoQuant, on March 11, an unknown wallet received nearly 30,000 BTC from the US stock market.
Coinbase Pro is $ 1.15 billion lighter
The potential purchase was made in three separate transactions on Coinbase Pro, the professional investment arm of Coinbase.
According to the Whale Alert, these were 9,843 BTC, 9,901 BTC and 9,867 BTC, respectively, for a total of 29,620 BTC.
While this does not affect the price action, if confirmed as a real purchase and not an insider transaction, this means that the Coinbase Pro organization has allocated more than $ 1.1 billion to BTC at current prices of around $ 39,000.
Transactions were completed in quick succession, as evidenced by Coinbase Pro reserves for each bitcoin block mined overnight.
Coinbase Pro Bitcoin Reserve Chart. Source: CryptoQuant
In general, foreign exchange reserves continued to decline this month and last month, again reaching several years’ lowest level.
The combined BTC portfolio of the 21 exchanges monitored by CryptoQuant was 2.357 million BTC per Friday.
Bitcoin currency reserve chart. Source: CryptoQuant
Accumulation trends from the associated network analysis company Glassnode add that the market as a whole is in uncertainty and is not yet on the upside.
Trend points for Bitcoin accumulation. Source: glass node
Bitcoin is still boring for the mainstream
Meanwhile, given the interest in bitcoin outside of exchange users, it turns out that those who buy are not budding investors who come into the room galore.
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Search for “Bitcoin” remains low and will hardly change in the second half of 2021, according to Google Trends.
Just a dive in May last year for less than $ 30,000 caught the audience’s attention. So far, the trend shows no signs of change, despite current geopolitical events.
The source of most requests in relative terms over the past 12 months was El Salvador, which made BTC a legal tender last year.