Almost 10,000 Bitcoin (BTC) left America’s top exchange Coinbase on December 30, showing that investor appetite is returning to the sphere.
The data from the Coinglass on-chain monitoring resource shows that Coinbase’s professional division, Coinbase Pro, dumped 9,925 BTC in the 24 hours before New Years Eve.
Binance adds 66,000 BTC in December
The purchase, which contrasts with the rising or flat balances of other major exchanges, marks a short-term turnaround.
The last half of December has been characterized by the increase in BTC inflows on platforms such as Binance and OKEx, something commenters feared could be a sale notice.
Although that BTC sell-off hasn’t happened yet, not everyone thinks it’s going to continue like this.
At the same time, The exodus of Chinese users registered on the Huobi Global exchange could be causing a reorganization of funds, as a more recent theory suggests.
According to Coinglass, Binance has seen 840 BTC entries as of Friday, while OKEx has seen 767 BTC entries. Huobi has lost just 158 BTC, but in December as a whole, a behemoth of 14,044 BTC has ditched its books., which hints at the magnitude of the exodus of Chinese users.
From a monthly point of view, Binance easily wins in terms of inflows, now with over 66,000 BTC compared to the end of November.
But nevertheless, It was Coinbase that attracted the experts as the year 2021 drew to a close.
“Buying Coinbase has been pretty incessant today”, summarized popular Twitter trader Ryan Clark.
An institutional “flippening” is looming
From the beginning of January, after the vacation period, Institutions are expected to reenter the limelight when it comes to BTC ownership.
In its year-end summary and forecast report for 2022, “Just Crypto”, the trading company QCP Capital announced a “turnaround” for investors, from retail to institutional.
“In 2022, the first thing we expect to see is a major shift in crypto ownership, from primarily retail to institutional., with a much greater participation of the institutions “, he affirmed.
Such an event would see the big players unfazed by the recent price action as BTC spot allocations still outperform assets like crypto stocks in 2021.
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