Put your hands up – The balance of the number of Bitcoins in circulation on the exchanges has again fallen into a hole. In 24 hours, the total deficit has risen by exactly 20,666 Bitcoins, and this time it is on Coinbase that the whales have committed their misdeed.
20,666 Bitcoin disappeared from the exchange.
Exchanges generally hold most of the cryptomoney in off-line wallets. The exchanges and balances displayed in your portfolios are an accounting virtuality. You do not have the amounts displayed until you remove your cryptos, which are then transferred from the platform’s cold storage portfolios to your own portfolio.
Thus, this disappearing bitcoin metric measures a deficit or surplus. In this case, we are tracking a fairly impressive deficit that has been going on for months now. In 24 hours, there are still 20,666 bitcoins, or about $185 million, missing from the exchanges.
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 last 24 hours, Coinbase has recorded a bitcoin deficit of exactly 20,787 bitcoins! Brian Armstrong’s platform alone has seen its balance shrink by just under $190 million.
Bullish on Bitcoin?
It’s obviously bullish for Bitcoin, but not in the sense that you imagine. It probably indicates a definite appeal to institutional investors, at least, a population with a lot of money.
In the short term, on the other hand, it doesn’t indicate anything, for the reasons explained in the previous opus: I can very well buy the spot market to my right, and then cover myself and sell on the derivative market what I’ve just bought. It may sound crazy to you, but it’s a very common practice. Individuals can for example use FTX or BitMEX to do this.
On the other hand, in order to have a better timing, and not to be trapped by uncertain stories, we come back to the price. Yesterday, BTCUSD hit a 2-week high with a 1.5% growth. Not enough to whip a cat, but note the very… bullish graphic configuration.