Rally

Donald Trump

<p>The largest cryptocurrency went on a full bull run after Donald Trump won the US presidential elections a month ago but its most recent price movements have been quite underwhelming compared to numerous altcoins.</p>
<p>However, the amount of BTC getting withdrawn from exchanges continues to increase, and another address-related metric suggest the asset’s price still has a lot of room to grow.</p>
<h2 id="almost-20k-btc-taken-off-coinbase">Almost 20K BTC Taken Off Coinbase</h2>
<p>The amount of a certain asset sitting on trading platforms is a proper hint about its short-term price movements. The bigger the supply on exchanges, the bigger the probability for a correction due to the substantial immediate sell pressure, and vice versa.</p>
<p>The landscape around bitcoin has been quite positive in this regard for the past several months as investors are periodically taking t<a href="https://cryptopotato.com/bitcoin-leaves-exchanges-in-droves-as-daily-new-addresses-increase/" data-wpel-link="internal" rel="noopener noreferrer nofollow">heir funds off</a> exchanges and to cold storage. From a shorter-term perspective, the situation is equally promising, as detailed by CryptoQuant.</p>
<p>The analytics company outlined two significant withdrawals from Coinbase within a 24-hour period alone, with nearly 20,000 BTC taken out of the largest US exchange. The approximate value stands at $1.87 billion.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Two Significant Outflows Exceeding 8k <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#BTC</a> Each from Coinbase in the Last 24h</p>
 <p>“19,487 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> were withdrawn, with an average cost of $96,043. The total value of these two transactions amounts to approximately $1.87 billion.” – By <a href="https://twitter.com/burak_kesmeci?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">@burak_kesmeci</a></p>
 <p>Link <a href="https://t.co/4WkEJ2p3vw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/4WkEJ2p3vw</a> <a href="https://t.co/ADf1qWvkV2" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/ADf1qWvkV2</a></p>
 <p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1864066882979983530?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 3, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 id="average-returns-cool-off">Average Returns Cool-Off</h2>
<p>BTC’s massive rally that took the asset from under $70,000 to just shy of $100,000 within the span of a few weeks put every investor in the money. Many decided to <a href="https://cryptopotato.com/long-term-bitcoin-holders-pumping-sell-side-brakes-as-consolidation-continues-analyst/" data-wpel-link="internal" rel="noopener noreferrer nofollow">realize some profits</a> after this spectacular run, which resulted in a correction for the asset. Although it has recovered from its sub-$91,000 dip from last week, bitcoin is still unable to challenge $100,000.</p>
<p>However, Santiment provided another optimistic viewpoint that signals a change for those sitting in profit. The average returns of BTC wallets that have been active in the past month has declined to a ‘more reasonable’ 4.2%. When this metric exceeds 5%, the underlying asset typically retraces, while a percentage lower than that is “usually a strong indicator that a bounce is near.”</p>
<p>Recall that BTC <a href="https://cryptopotato.com/btc-price-slips-below-94k-amid-warnings-about-a-crash-to-90k-or-even-60k/" data-wpel-link="internal" rel="noopener noreferrer nofollow">dropped</a> by several grand yesterday toward $93,000 but has managed to recovered most losses and is close to $97,000 now.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">The average returns of Bitcoin wallets that have been active in the past 30 days now sits at a much more reasonable +4.2%.</p>
 <p>+5% or more on this metric is usually a strong indicator that a correction is near.<br> -5% or less on this metric is usually a strong indicator that… <a href="https://t.co/EgGHK1kTxK" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/EgGHK1kTxK</a></p>
 <p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1864061347614400617?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 3, 2024</a></p>
</blockquote>
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<p>The post <a href="https://cryptopotato.com/massive-bitcoin-withdrawals-from-coinbase-and-this-metric-hint-at-upcoming-btc-rally/" rel="noopener noreferrer nofollow">Massive Bitcoin Withdrawals From Coinbase and This Metric Hint at Upcoming BTC Rally</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Massive Bitcoin Withdrawals From Coinbase and This Metric Hint at Upcoming BTC Rally

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