Bitcoin Whales Withdraw Over $1 Billion from Coinbase, Fueling Speculation

Bitcoin holdings on Coinbase, the largest crypto exchange in the US, have plummeted to their lowest levels since 2017 as BTC whales opt for self-custody solutions.

Whale Activity and Withdrawals

Recent data from CryptoQuant reveals that BTC whales have withdrawn over $1 billion worth of Bitcoin from Coinbase, removing over 18,000 BTC from the exchange's wallets. This significant movement coincides with a surge in buying activity among whales, who accumulated over 100,000 BTC valued at over $5 billion in just ten days.

Market Dynamics and Price Surge

Bitcoin's price has surged to over $52,000 amidst growing excitement surrounding the launch of spot Bitcoin ETFs in the US. These ETFs have attracted net flows of over $4.5 billion since their inception, contributing to Bitcoin's price rally. The upcoming halving event in April, which will reduce miners' rewards, adds to the pressure on Bitcoin's supply.

Impact on Price and Future Predictions

Analysts suggest that whales moving BTC into self-custody wallets could further diminish Bitcoin's available supply, potentially driving prices even higher due to increased demand. Tuur Demeester predicts a significant surge in Bitcoin's value by 2026, fueled by government bailouts and stimulus packages.

Anthony Scaramucci maintains a bullish outlook, forecasting a substantial price increase for Bitcoin. He uses a methodology based on Bitcoin's halving cycles to predict a potential price target of $170,000, considering the current market momentum.

Investor Caution Advised

Despite bullish predictions, investors are urged to assess their risk tolerance before making investment decisions in the volatile crypto market.

Conclusion：Coinbase Whales: Bitcoin Exodus

Coinbase, the leading US crypto exchange, experiences a drastic decrease in Bitcoin holdings to levels not seen since 2017, as whales move their assets to self-custody solutions. Over $1 billion worth of BTC has been withdrawn from Coinbase by whales, coinciding with a surge in buying activity. The price of Bitcoin surpasses $52,000 amid anticipation of spot Bitcoin ETFs in the US and the upcoming halving event. Analysts predict further price increases due to diminishing supply and favorable market conditions, but caution investors to consider the volatile nature of the crypto market.