Bitcoin sees ‘non-stop’ end-of-year buying as 10K BTC leaves Coinbase in a single day

Almost
10,000
Bitcoin
(BTC)
left
major
United
States-based
exchange
Coinbase
on
Dec.
30
in
a
sign
that
investor
appetite
is
returning
to
the
sphere. 

Data
from
on-chain
monitoring
resource

Coinglass

shows
Coinbase’s
professional
trading
arm,
Coinbase
Pro,
shedding
9,925
BTC
in
the
24
hours
to
New
Year’s
Eve.

Binance
adds
66,000
BTC
in
December

The
buy-in,
which
runs
in
contrast
to
rising
or
flat
balances
on
other
major
exchanges,
marks
a
conspicuous
short-term
trend
shift.

The
latter
half
of
December
has
been
characterized
by
platforms
such
as
Binance
and
OKEx
seeing

increased
inflows

of
BTC

something
commentators
feared
could
be
a
forewarning
of
a
sell-off.

While
such
a
mass
sale
of
BTC
has

not
yet
occurred
,
not
everyone
believes
that
it
will

stay
that
way
.

At
the
same
time,
the
exodus
of
registered
Chinese
users
from
exchange
Huobi
Global
could
be
triggering
a
reorganization
of
funds,
a
more
recent
theory
suggests.

According
to
Coinglass,
Binance
is
up
840
BTC
as
of
Friday,
while
OKEx
has
seen
767
BTC
inflows.
Huobi
has
lost
a
mere
158
BTC,
but
in
December
as
a
whole,
a
giant
14,044
BTC
has
left
its
books,
hinting
at
the
extent
of
the
Chinese
user
exodus.

On
the
monthly
view,
Binance
easily
wins
in
terms
of
inflows,
now
up
over
66,000
BTC
versus
the
end
of
November.

Nonetheless,
it
was
Coinbase
attracting
pundits
as
2021
drew
to
a
close.

“Coinbase
buying
has
been
pretty
nonstop
today,”
popular
Twitter
trader
Ryan
Clark

summarized
.


Bitcoin
exchange
BTC
balance
summary
as
of
Dec.
31.
Source:
Coinglass

An
institutional
“flippening”
is
coming

Beginning
in
early
January
after
the
holiday
period,
institutions
are
predicted
to
reenter
the
limelight
when
it
comes
to
BTC
ownership.



Related:

First
US
Bitcoin
ETF
a
‘dud’
in
2021
as
GBTC
discount
stays
near
record
lows

In
its
end-of-year
summary
and
2022
forecast
report,
Just
Crypto
,”
trading
firm
QCP
Capital
announced
a
“flippening”
in
the
investor
sphere
from
retail
to
institutional.

“In
2022,
the
first
thing
we
expect
to
see
is
a
major
flippening
of
crypto
ownership
from
primarily
retail
to
institutional
players,
with
institutions
having
a
much
larger
participation,”
it
stated.

Such
an
event
would
see
big
players
unfazed
by
recent
price
action,
with
BTC
spot
allocations
still

outperforming

assets
such
as
crypto
stocks
in
2021.

read original article here