The balance of the number of bitcoins in circulation on exchanges has again fallen into a hole. In 24 hours, the total deficit increased by exactly 20,666 bitcoins, and this time it was on COINBASE that the whales committed their mischief.
20,666 bitcoins disappear from exchanges
Exchanges generally hold most of the cryptocurrencies. The exchanges and balances displayed by your portfolios are an accounting virtuality. You only have the amounts displayed when you withdraw your cryptocurrencies, which are then transferred from the cold storage wallets of the platform, to go in your wallet to you.
Thus, this metric of disappearing bitcoins measures a deficit or a surplus. In this case, we are following a fairly impressive deficit that has been going on for months now. In 24 hours, there are still 20,666 bitcoins, or around $ 185 million, missing from the exchanges.
Quantity of bitcoins present on exchanges in 2020 as a function of time
Bitcoin whales are on Coinbase
If we try to gain in granularity, we realize that this fall is not present everywhere, but that on the contrary, it is mainly a single platform: Coinbase.
Thus, over the past 24 hours, Coinbase has recorded a bitcoin deficit of exactly 20,787 bitcoins! Brian Armstrong's platform alone saw its balance drop from just under $ 190 million.
Quantity of bitcoins held on Coinbase as a function of time
Bullish on Bitcoin?
It's obviously bullish for Bitcoin, but not in the sense you imagine. This probably indicates a certain attraction for institutional investors, at least, a population with a lot of money.
In the short term, however, this does not indicate anything, for the reasons explained in the previous opus: I can very well buy the spot market on my right, then cover myself and sell on the derivative market what I have just 'buy. It may sound crazy to you, but it's a very common practice. Individuals can for example use FTX or BITMEX to carry out these operations.
Bitcoin price valued in dollars (D1)
On the other hand, to have better “timing”, and not be trapped by uncertain stories, we come back to the price. BTCUSD made a 2-week high yesterday with growth of 1.5%. Not enough to whip a cat, but note nevertheless the very… bullish graphic configuration.
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