Cryptocurrency Market is trying to evolve through multiple proposed regulations and geopolitical risks since the beginning of 2022. The trends suggest that it has affected the short-term Bitcoin (BTC) on-chain accumulation. A report by Glassnode, a blockchain analytics firm, depicts that around $1.2 billion worth of Bitcoin have left Coinbase last week. Meanwhile, BTC prices have seen a marginal rise of 1% in the last 7 days.
31,130 BTC leaves Coinbase
The market insight report issued by Glassnode illustrates that Bitcoin has been riding between the price range of $37,274 and $42,455 in the past week. During this period, 31,130 BTC ($1.18B) has left Coinbase. This has been the biggest net outflow reported since 28-July-2017. However, this is also a signal representing that investors see BTC as a relevant asset in modern portfolios.
The major outrush has resulted in a drop of the total balance held on Coinbase to 649.5k BTC. This is the same level as seen at the 2017 bull market top. Coinbase’s total Bitcoin balance has now declined by 375.5kBTC (36.6%) from the…
