10,000 BTC left Coinbase in a single day

Almost 10,000 Bitcoin (BTC) left America’s top exchange Coinbase on December 30thwhich shows that investor appetite is returning to the sphere.

The data from the on-chain monitoring resource Coinglass® shows that Coinbase’s professional division, Coinbase Pro, dumped 9,925 BTC in the 24 hours leading up to New Years Eve.

Binance adds 66,000 BTC in December

The purchasewhich is in contrast to the rising or flat balances of other major exchanges, marks a short-term trend reversal.

10,000 BTC left Coinbase in a single day
10,000 BTC left Coinbase in a single day

The last half of December was marked by the surge in BTC inflows on platforms like Binance and OKEx, something commentators feared might be a sales announcement.

While this BTC sell-off has not yet happened, not everyone believes it will continue to do so..

At the same time, The exodus of Chinese users registered on the Huobi Global Exchange could lead to a reallocation of fundsas a recent theory suggests.

According to Coinglass, Binance has seen 840 BTC entries as of Friday while OKEx has seen 767 BTC entries. Huobi only lost 158 ​​BTC, but throughout December a 14,044 BTC giant dumped its booksindicating the extent of the exodus of Chinese users.

From a monthly standpoint, Binance is slightly winning in terms of inflows, now at over 66,000 BTC compared to the end of November.

But still, It was Coinbase that attracted the experts towards the end of 2021.

“The Coinbase purchase has been pretty incessant today”, summarizedPopular Twitter dealer Ryan Clark.

Summary of the BTC balance on the Bitcoin exchange as of December 31st. Source: Coinglass

Institutional “flipping” threatens

From the beginning of January, after the holiday season, Institutions are expected to step back into the limelight when it comes to owning BTC.

In its year-end summary and forecast report for 2022, Just Crypto, the trading company QCP Capital announced a “turnaround” for investors, from private investors to institutional investors.

In 2022, we expect the first major shift in crypto ownership, from primary retail to institutional facilities., with much greater institutional involvement, “he affirmed.

Such an event would leave the big players unimpressed by recent price moves since BTC spot allocations are still outperforming assets like crypto stocks in 2021.

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