Bitcoin (BTC) could see renewed interest from major buyers as data shows large tranches of coins exiting major exchange Coinbase.
As evidenced by monitoring sources including Whale Alert and CryptoQuant on March 11, an unknown wallet received nearly 30,000 BTC from the US platform.
Coinbase Pro $1.15 Billion Lighter
The potential buy-in came in the form of three separate trades on Coinbase Pro, Coinbase’s professional investment arm.
According to Whale Alert, these were for 9,843 BTC, 9,901 BTC and 9,867 BTC, respectively, for a total of 29,620 BTC.
9,843 #BTC (390,782,938 USD) transferred from #Coinbase to unknown wallethttps://t.co/uYSlIeugzF
— Whale Alert (@whale_alert) March 11, 2022
9.901 #BTC (USD 393,077,696) transferred from #Coinbase to unknown wallethttps://t.co/1OoPwliWF9
— Whale Alert (@whale_alert) March 11, 2022
9,867 #BTC (391.721.155 USD) transferred from #Coinbase to unknown wallethttps://t.co/AI5yos1rPr
— Whale Alert (@whale_alert) March 11, 2022
While it has no impact on price performance, if confirmed as a genuine purchase and not an internal transaction, it would mean that a Coinbase Pro entity has allocated more than $1.1 billion in BTC at current prices of approximately $39,000.
The transactions completed in quick succession as evidenced by Coinbase Pro reserves per Bitcoin block mined overnight.
Coinbase Pro Bitcoin Reserves Chart. Source: CryptoQuant
More broadly, foreign exchange reserves in general have continued to fall both this month and last month, again at multi-year lows.
The combined BTC reserves of the 21 exchanges tracked by CryptoQuant stood at 2.357 million BTC on Friday.
Bitcoin exchange reserves chart. Source: CryptoQuant
The Accumulation Trend Score by fellow on-chain analytics firm Glassnode adds that on balance, however, the market is in a state of uncertainty and not yet leaning toward accumulation.
Bitcoin Accumulation Trend Score. Source: Glassnode
Bitcoin Still Boring For The Mainstream
Looking at the interest in Bitcoin beyond exchange users, meanwhile, it becomes clear that those who buy are not newbie investors who are flocking to the space.
Related: Gold Backed Cryptos Will Shine In 2022, Market Cap Hits $1 Billion For The First Time
According to data from Google trendssearches for “Bitcoin” remain low – and barely moved into the second half of 2021.
Only last May’s plunge below $30,000 managed to grab the attention of the mainstream, and so far the trend shows no sign of change, despite the current geopolitical events.
The source of the most requests on a relative basis in the past 12 months is El Salvador, which made BTC legal tender last year.
Google search data for “Bitcoin” (screenshot). Source: Google Trends