Bitcoin Price Hits 10-Day High as $1 Billion in BTC Leaves Coinbase

Bitcoin price has seen a surge in the last few hours following the announcement of the US CPI and following a massive outflow of BTC from Coinbase.

Although the recipient of those 16,021 BTC is still unknown, CryptoQuant analysts suggest that it is an institutional player.

THE relationship as of today indicates that 16,021 BTC was withdrawn from Coinbase in the early hours of May 15th. Considering the current price of bitcoin, this amount is worth just over $1 billion.

The analyst said this is the seventh such outflow from Coinbase in 2024. Furthermore, he indicated that such outflows have intensified since February 19, about a month after the US SEC gave the green light to nearly a dozen ETFs commercial on Bitcoin. Coinbase acts as custodian for most ETFs.

While the CryptoQuant analyst said this transfer could be an internal movement of Coinbase funds, he suggested it was not:

“There is a high probability that this transaction is an institutional purchase.”

The pullback came just hours before the release of US consumer price index (CPI) data, which was exactly as expected at 3.4%.

The price of BTC he reacted with an immediate rally after the announcement of the April inflation rate and jumped to $64,000. However, it continued to pump over the next hour or so, hitting a multi-day high of just over $64,500 before retracing around $500.

Numerous analysts and experts in recent days it has been speculated that the cryptocurrency will only see its next bullish rally when the US Federal Reserve finally decides to cut interest rates. Such a scenario is only possible if inflation percentages fall below 3% and around 2%.

Bitcoin/Price/Chart 15.05.2024. Source: TradingView

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