Coinbase Sees Major Bitcoin Withdrawals as Binance Derivatives Activity Rebounds
Summary
Bitcoin is trading above $95,000, nearing the $100,000 mark, following weeks of gains but still 12.6% below its January all-time high. Analysts are examining trends in spot and derivatives markets to assess momentum sustainability. Significant Bitcoin movements away from exchanges, especially Coinbase, suggest reduced supply and selling pressure. Derivatives market activity indicates increased leveraged positions, potentially supporting further price increases. Over 8,000 BTC, valued at approximately $763 million, were withdrawn from Coinbase on April 24 and 29, signaling possible long-term storage and reduced sell-side liquidity. This aligns with accumulation phases as investors move assets off exchanges.
