Crypto Exchanges See Large Bitcoin Outflows BTC balance of Coinbase

[bitmover]

I'm not convinced that the number of coins on exchanges has anything to do with price prediction, although that doesn't stop people from using it! I simply don't see any connection to future price. It is all about how the price has been in recent times which is with very little change if we exclude the short rises.

I think the connection is related to scarcity.
For example, if there aren't many coins in exchanges, there will be less people selling it (as there are few coins) than people who are trying to buy. This can increase the price by itself, as demand is superior to the supply.

I thank it makes sense,

[7788bitcoin]

It may be because, if you check the past charts the month of September was not always great for the market throughout the years and people are smart enough not to hold their coins in exchanges if they are not trading or not having any plans to take any positions, i am sure that the coins will start coming in next month because the next two months will be huge for the market and that is my expectation and i am expecting another all time high valuation by November .

[Fundamentals Of]

The total Bitcoin balance of digital exchange Coinbase now stands at around 700,000 BTC, its lowest level since December 2017.

I'm not convinced that the number of coins on exchanges has anything to do with price prediction, although that doesn't stop people from using it! I simply don't see any connection to future price. It is all about how the price has been in recent times which is with very little change if we exclude the short rises.

Isn't it safe to assume though that when Bitcoin is sent to exchanges, the primary purpose is to sell it? There could be other possibilities like the owner simply wants to keep it there which is most unlikely. It doesn't mean the coins are up for selling immediately. It could be possible that it is simply sent there for positioning so that when its price rises or when a particular altcoin hits a certain price, it is converted.

[buwaytress]

Yeah, not sure this exchange inflow outflow really says anything. The last similar news was a lack of balances at Coinbase, and that didn't stop price from breaking support and sitting where it is now.

Maybe Coinbase no longer is a marker any longer, at least not for institutional movements. Retail people are not still keeping coins there are they?

[mk4]

Isn't it safe to assume though that when Bitcoin is sent to exchanges, the primary purpose is to sell it? There could be other possibilities like the owner simply wants to keep it there which is most unlikely. It doesn't mean the coins are up for selling immediately. It could be possible that it is simply sent there for positioning so that when its price rises or when a particular altcoin hits a certain price, it is converted.

Bitcoin being deposited on an exchange(depending on the exchange's features) could also mean that some traders are planning on doing a leveraged long position; though this is definitely a small minority. But nevertheless, some individuals do have some good purchasing power that we really can't just leave out.

[barbara44]

You do not have to have a lot of people selling bitcoin to drop the price, that would be the normal case but you could also have a lot less people buying. So, let's say normally it is 100 million dollars worth bought and 110 million worth sold to get it lower a bit right?

Well, we could have around the same if it was 10 million bought and 20 million sold. This is why I believe that we are seeing less people selling that is true, but we are also seeing a lot less people buying as well. In the end I am sure it will recover and we will be doing fine, I am just not sure that it is today that we will go up. Eventually one day just like how suddenly in an hour we dropped more than 10-15%, we will have the upside of it as well.

[cryptomaniac_xxx]

Yeah, not sure this exchange inflow outflow really says anything. The last similar news was a lack of balances at Coinbase, and that didn't stop price from breaking support and sitting where it is now.

Maybe Coinbase no longer is a marker any longer, at least not for institutional movements. Retail people are not still keeping coins there are they?

Yeah, probably retail investors still have the bulk of their crypto on big exchanges such as Coinbase.

But whales and those early bagholders prefer the old but very effective hard wallet safe keeping.

So it's hard how to digest the numbers of inflows/outflows as data is very week or at least we can't make any conclusion as for this numbers. Hopefully though, it might do good for the price in the long term.

[davis196]

Many crypto traders have finally realized that the centralized cryptocurrency exchange platforms are not the core of the crypto world.The crypto community can thrive without those centralized exchanges.
This is rather good news and we don't have to worry about BTC outflows and having less BTC in the hands of crypto trading platforms,that can be hacked.
It is way better to keep our coins in our wallets,while blindly trusting greedy corporations like Coinbase.
Many Bitcoiners finally believed in the "not your keys,not your coins" and "be your own bank" slogans,which define Bitcoin.

[EdenHazard]

Because you and i or any other forum member here or whoever out there who hold personally less than 10 bitcoin can not make that happened , a big impact caused by a big thing .. and considering its become a trend an institutional especially in the US get involved in bitcoin investment in the last few months , why not ? who else?

Because it's not just you and me and other people here. There are HUGE communities outside of Bitcointalk if you haven't known; and definitely do not underestimate the collective buying power of the masses.

And add to the fact that most institutions actually use the likes of Coinbase Institutional so you wouldn't expect an outflow.

If you say so then, i'd say yes. to end this early tho.

we are here speculating all the time isnt it? the decentralized system in crypto make us forcefully to think with insuficient data and lots of error in it statistically mathematically, there is no fixed data, no data lay down for long, its continuously moving and you cant expect anything but a wrong prediction. normal. just normal.
im just saying the popular opinion has it and which its good for you to have an extraordinary point of view,brate.