Despite the four-month bearish price action, institutions continue to pile drive bitcoin, which might have scared away retail leverage traders. This is because institutions are focusing on longer-term horizons and see the potential for big profits in BTC’s growth over time.

The recent large outflow of coins from the U.S.-based crypto exchange Coinbase is evident, according to blockchain analytics firm Glassnode.

Related Reading | 82% Of Bitcoin Short-Term Holder Supply Now In Loss, Capitulation Ahead?

The recent highly volatile markets have sent bitcoin prices tumbling, with a total of 31,130 bitcoin leaving Coinbase last week. This is the highest single-week outflow since 2017, data tracked by Glassnode.

In a weekly newsletter published Monday, Glassnode said

Large outflows like this one are actually part of a consistent trend in the Coinbase balance, which has been stair-stepping downwards over the last two years. As the largest exchange by BTC balance, and a preferred venue for U.S.-based institutions, this further supports the adoption of bitcoin as a macro asset by larger institutions.

The crypto markets have experienced drought over the past week. The Nasdaq-listed exchange’s holding in bitcoin has dropped a four-year low of 649,500 BTC for just the second time since 2018. In addition, the amount of bitcoins held by all centralized exchanges has decreased to 2,519,403 BTC, the lowest number since November 2018.

BTC Chart
Bitcoin currently trading above $40,000 with 2.7% rise | Source: BTC/USD chart from Tradingview.com

Withdrawal Bitcoins Moved To Inactive Wallets

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