Bitcoin (BTC) could see renewed interest from major buyers as data shows large tranches of coins exiting major exchange Coinbase.
As evidenced by monitoring sources including Whale Alert and CryptoQuant on March 11, an unknown wallet has received nearly 30,000 BTC from the US platform.
Coinbase Pro $1.15 Billion Lighter
The potential buy-in came in the form of three separate trades on Coinbase Pro, Coinbase’s professional investment arm.
According to Whale Alert, these were for 9,843 BTC, 9,901 BTC and 9,867 BTC, respectively, for a total of 29,620 BTC.
While it has no impact on price performance, if confirmed as a genuine purchase and not an internal transaction, it would mean that a Coinbase Pro entity has allocated more than $1.1 billion in BTC at current prices of approximately $39,000.
The transactions completed in quick succession as evidenced by Coinbase Pro reserves per Bitcoin block mined overnight.
More broadly, foreign exchange reserves in general have continued to fall both this month and last month, again at multi-year lows.
The combined BTC reserves of the 21 exchanges tracked by CryptoQuant stood at 2.357 million BTC on Friday.
The Accumulation Trend Score from fellow on-chain analytics firm Glassnode adds that, on balance, however, the market is in a state of uncertainty and not leaning toward accumulation yet.
Bitcoin Still Boring For The Mainstream
Looking at the interest in Bitcoin beyond exchange users, meanwhile, it becomes clear that those who buy are not newbie investors who are flocking to the space.
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According to data from Google Trends, searches for “Bitcoin” will remain low and barely move in the second half of 2021.
Only last May’s plunge below $30,000 caught the attention of the mainstream. So far, the trend shows no signs of change, despite the current geopolitical events.
The source of the most requests on a relative basis in the past 12 months was El Salvador, which made BTC legal tender last year.