Thousands of Bitcoin flow out of Coinbase as whales enter buying spree for this good reason

  • Bitcoin price climbs above $40,000 in a bullish trend reversal as demand from institutional investors climbs. 
  • $2.57 billion worth of Bitcoin has been pulled out of exchanges since March 28, fueling a bullish narrative among investors. 
  • Analysts set a target of $55,000 for Bitcoin price in the ongoing rally, as the market structure remains bullish. 

Bitcoin price has recovered from the drop below $40,000, spurred by demand from institutional investors. Ki Young Ju of CryptoQuant believes institutional buying is key in the Bitcoin price rally. 

Bitcoin price rally could be fueled by institutional buying

Bitcoin price started a rally crossing the $40,000 level earlier today. Proponents have identified three critical reasons for the comeback in BTC price. Rising institutional demand, a spike in the number of whales on the Bitcoin network and massive BTC outflow across exchanges like Coinbase Pro are the three key reasons fueling the current bull run. 

Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, believes institutional buying could emerge as a key narrative in the crypto market once again. 

There is a spike in Bitcoin outflow: 64,233 BTC have been pulled out of crypto exchanges since March 28. $2.57 billion worth of Bitcoin has been scooped up by investors and pulled out of the circulating supply. 

Bitcoin balance on exchanges

Bitcoin balance on exchanges

Coinbase Pro, one of the largest crypto exchanges, has shifted a large volume of Bitcoin, a total of 30,000 in a single day this week. A spike in BTC buying among whales and large wallet investors is considered a bullish sign for the asset’s price. 

Bitcoin exchange reserves on Coinbase Pro

Bitcoin exchange reserve on Coinbase Pro

A leading crypto analyst, Ali Martinez noted that 16 new whales joined the Bitcoin network over the past week, buying a minimum of $39 million in BTC. The rise in whales on the network increases the buying pressure on the asset and is fueling the Bitcoin price rally. 

@AltcoinSherpa, a pseudonymous crypto analyst and trader, believes the current bullish market structure in Bitcoin implies no significant change in long-term price targets. While altcoins may have another leg up, Bitcoin price will hit the $55,000 target. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Cardano Price Forecast: ADA's recent breakout could trigger 15% rally

Cardano Price Forecast: ADA's recent breakout could trigger 15% rally

Cardano price rally on Monday suggests that a larger bullish move might be in the works. On-chain data shows a comeback in investor interest and entry of institutional investors.

More Cardano News

Ondo price poised to break ATH of $1.04

Ondo price poised to break ATH of $1.04

Ondo price is slowly testing its major support level at $0.63-$0.61. Aggressive buyers can consider accumulating around the immediate support zone, which extends from $0.83 to $0.80.

More Ondo News

Shiba Inu price flashes buy signal, 25% rally likely Premium

Shiba Inu price flashes buy signal, 25% rally likely

Shiba Inu price has flipped bullish to the tune of the crypto market and breached key hurdles, showing signs of a potential rally. Investors looking to accumulate SHIB have a good opportunity to do so before the meme coin shoots up.

More Shiba Inu News

New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud

New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud

New York Attorney General Letitia James says her office has secured a $2 billion settlement from Genesis. AG Letitia James sued the crypto company in October on account of lying and defrauding investors of over $1 billion.

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

Read full analysis