12K Bitcoins Moved Out of Coinbase, Bitcoin Whales With Over 100K+ BTC Surged 3x In 2021

Published April 12, 2021 | Updated April 12, 2021

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12K Bitcoins Moved Out of Coinbase, Bitcoin Whales With Over 100K+ BTC Surged 3x In 2021

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.

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”.

Courtesy: Santiment

The Excitement Around U.S. Bitcoin ETF

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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.

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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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bhushan Akolkar 632 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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