Bitcoin (BTC) Shoots 10% Above $58,000 After Large Bitcoin Outflow from Coinbase

After some consolidation at $55,000 over the last few days, the world’s largest cryptocurrency Bitcoin (BTC) is once again showing northward momentum. Bitcoin (BTC) has jumped back 10% moving above $58,000 levels. At press time, BTC is trading at a price of $58,099 with a market cap of $1.086 trillion.

As per data from CryptoQuant, the recent Bitcoin price surge comes with 12,000 Bitcoins moving out of Coinbase earlier today. As per the data, nearly 12K Bitcoins have moved out of Coinbase suggesting institutional buying.

On the other hand, Bitcoin whales have been continuing to accumulate since the beginning of this month. As on-chain data provider Santiment reported earlier this week, the top-tier whale addresses holding over 10K+ Bitcoins have accumulated more than 90K Bitcoins this month. These addresses now hold 14% of the total BTC supply.

Validating this, CryptoQuant CEO Ki-Young Ju stated that whales have been accumulating Bitcoins with large transactions through OTC deals. He further noted that a significant Coinbase Premium suggests that institutional investors in the U.S. have again started buying.

Bitcoin All Exchange Inflow on a Declining Trend

As per the charts, the Bitcoin inflow at exchanges started to increase earlier this month when the BTC price was trading above $60K. The Bitcoin inflow at all exchange wallets reached a peak of 1.70 last week before starting to decline once again. Thus, exchange deposits have been slowing down and as we are seeing, Bitcoin moving off exchanges has increased at the same time.

This worked pretty well to capture the bottom. https://t.co/sN665HziTC pic.twitter.com/dNjC2z3OCY

— Ki Young Ju 주기영 (@ki_young_ju) May 1, 2021

With Bitcoin shooting above $58,000 once again, it has done little to flip the market sentiment at this stage. As per on-chain data provider Santiment, BTC’s weighted sentiment is again leaning to negative.

📈😒 With #Bitcoin bouncing back hard above $58.4k, traders are once again not believing the hype. Our sentiment data indicates commentary is more negative than usual despite $BTC's highest price level since April 17th, ironically fueling prices higher. https://t.co/6eFjMqrStm pic.twitter.com/DrVOkb0OGB

— Santiment (@santimentfeed) May 1, 2021

However, today’s price action puts a pause on Bitcoin’s declining dominance against altcoins. Currently, the BTC dominance still remains under 50% of the overall cryptocurrency market.