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Bitcoin (BTC) supply at exchanges continues to fall further as the world’s largest cryptocurrency consolidates around $60,000 levels. As the BTC price surged past $61,000 levels over the last weekend, another 12.6K Bitcoins moved out of Coinbase as per the latest data from Glassnode.
12,638 #bitcoin was transfered out of Coinbase last night, that's over three quarters of a billion dollars. They bought the dip. pic.twitter.com/DOvqJ04iJq
— Documenting Bitcoin 📄 (@DocumentingBTC) April 11, 2021
Bitcoin’s moving out of Coinbase has been a consistent phenomenon over the last few months as retail investors face liquidity shortages with high institutional participation. This is very much evident as with over 100% gains in Q1 2021, Bitcoin has outperformed every other institutional asset class in recent times.
On the other hand, the percentage of Bitcoin supply held by whale addresses holding over 100K Bitcoin has surged by 200% (or 3x) during the first quarter. As on-chain data provider Santiment reports:
“The percentage of #Bitcoin‘s supply held by whale addresses with 100k or more $BTC has risen from 0.76% 11 weeks ago, to 2.20% today, an 11-month high. Meanwhile, the smaller 1k-100k $BTC addresses have dropped from 42.4% to 39.5% in the same 11 weeks”.
The Excitement Around U.S. Bitcoin ETF
As all institutional indicators point to a BTC price rally further! Last week, The U.S. Securities and Exchange Commission (SEC) acknowledged that it has taken WisdomTree’s Bitcoin ETF application under review and the decision for the same shall arrive in the next 45 days.
On the other hand, Kryption has re-filed for its Bitcoin ETF nearly 18 months after pulling back its first application in September 2019. Canada’s PurPose Bitcoin ETF is already doing pretty well since its launch in February 2019. In just two months, the Purpose Bitcoin ETF Holdings has surged to nearly $1 billion.
Canada’s first #Bitcoin ETF, Purpose, now hodls over $1 billion of coin, in a record month of growth.
The U.S. market is 27 times larger. . . pic.twitter.com/UFMGjwtuZ7
— Documenting Bitcoin 📄 (@DocumentingBTC) April 11, 2021
World’s largest Bitcoin fund manager Grayscale has also shown its intentions to convert its Grayscale Bitcoin Trust (GBTC) to an Bitcoin ETF. This decision comes as the shares of the Grayscale Bitcoin Trust (GBTC) has been trading at a discount over the last month following the excitement around the first U.S. Bitcoin ETF.
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