Bitcoin Whales Drain 15400 BTC From Coinbase In A Day, Price To Rally?

Bitcoin News: Whales Drain 15400 BTC From Coinbase In A Day, Price To Rally?

Bitcoin (BTC) price had recently lost momentum and extended below the $62,000 mark. However, the BTC price rebounded significantly and even neared $63,000 today. Amid the recent dip, Bitcoin whales have scooped up over 15,400 BTC from Coinbase alone that too within the last 24 hours. This accumulation could have spurred the latest recovery.

Whales Grab 15K BTC From Coinbase Pro

The total amount of BTC pulled out from crypto exchanges equals 13,782.83. Moreover, Coinbase Pro accounts for a massive contributor to this decline in the Bitcoin exchange reserve. According to Coinglass stats, Coinbase Pro witnessed a drain of 15,415.25 BTC, equivalent to $966.84 million, considering prevailing rates.

Earlier, Coinbase Pro recorded a lesser withdrawal of its Bitcoin reserve. In the past 30 days, the exchange witnessed an exit of 16146.36 BTC, out of which a whopping 15K was retracted in a single day. Hence, it’s safe to say that majority of Bitcoin whales accumulated cheaper BTC lately.

In addition, the OKX crypto exchange registered a withdrawal of 329 BTC in the 24-hour frame. Whilst, Gemini, another popular CEX, accounted for an accumulation of 108.18 BTC. Furthermore, Bitstamp and Korbit also boasted a significant share in the Bitcoin reserve pulled out from exchabges.

In a recent post on X, Whale Alert spotlighted that a whale ramped up 7,900 BTC, valued at a staggering $494.13 million, from Coinbase. This transaction alone accounts for over 50% of the total BTC withdrawn from Coinbase in the last 24 hours.

Earlier, on Tuesday, May 14, the Bitcoin Coinbase Premium Gap was in the ‘red’ owing to the massive selling pressure. However, the renewed accumulations by whales have turned the tables with the gap lowering to the neutral level.

Furthermore, JA Maartuunn, a certified author on CryptoQuant, referred to this metric and hinted at a potential upside. He took to X and wrote, “Yesterday’s intense selling pressure from Coinbase appears to have abated. This could potentially create some short-term upside opportunity.”

Bitcoin Price Rebounds

The Bitcoin price plummeted significantly amid the recent bearish downturn, however, the digital currency also boasted a robust comeback. As of writing, the BTC value was up by 1.32%, trading at $62,720.08. Moreover, its 24-hour trade volume rose by 3.39%, reaching $26.22 billion. Furthermore, the oldest crypto boasted a gigantic market capitalization of $1.22 trillion.

In contrast, there’s been a slight decline in derivatives traders’ interest in Bitcoin futures. The BTC open interest dropped by 0.61% to $29.73 billion. Notably, shorts have been leading the liquidations as traders try to mitigate losses amid the BTC recovery.

In just 4 hours, Bitcoin short liquidations have totaled $4.23 million, as reported by Coinglass. These short traders are expected to buy back their positions, accelerating the purchase pressure. This could lead to a further rally in the Bitcoin price.

Analyzing Bitcoin’s Relative Strength Index (RSI), it currently sits at 48. It indicates a balanced market sentiment without leaning towards overbought or oversold territory, which could be a good entry point. However, BTC is currently trading below its 50-day EMA of 63,263, according to Trading View analytics. This suggests a short-term bearish trend for the crypto.

The post Bitcoin Whales Drain 15400 BTC From Coinbase In A Day, Price To Rally? appeared first on CoinGape.

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