Bitcoin Tries to Regain Momentum in the Final Trading Session of 2021
On December 30, around 10,000 Bitcoin (BTC) were transferred out of the leading US-based cryptocurrency exchange Coinbase, a hint that investor interest in the market is returning. In the last few hours leading up to New Year’s Eve, according to statistics from on-chain tracking site Coinglass, Coinbase’s institution level trading division Coinbase Pro saw an outflow of 9,925 BTC.
It is notable that the buy-in occurred in contrast of increasing or unchanged holdings on rest of the top exchanges, representing a significant short-term change of trend. Markets like Binance and OKEx have seen increasing BTC influx in the second half of December, which some have said might be a prelude to large scale liquidation in the coming weeks and months.
While a large-scale sale of Bitcoin is yet to happen, not everyone thinks that this will be the case in the future. The flight of qualified Chinese customers from the cryptocurrency exchange Huobi Global, according to a more current notion, is likely to result in redistribution of investments in the long run, as well.
Currently, as per Coinglass, Binance has experienced 840 BTC inflows, while OKEx has posted 767 BTC inflows since Friday. Huobi has only lost 158 bitcoins, but theentire month of December has seen a massive 14,044 bitcoins disappear from its books, providing a glimpse into the magnitude of the Chinese client migration.
Monthly inflows into Binance have increased by more than 66,000 BTC since the beginning of November, giving it a clear advantage. Nevertheless, as the year 2021 came to an end, it was Coinbase that caught the attention of analysts. According to famous Twitter trader Ryan Clark, “Coinbase purchasing has been quite constant today.”
Coinbase buying has been pretty nonstop today.
— Ryan 🐎 Cantering Clark (@CanteringClark) December 30, 2021
With regard to Bitcoin ownership, it is expected that institutions will re-enter the spotlight at the start of January when the Christmas season has passed. According to the “Just Crypto” yearend summary and 2022 prognosis report published by trading company QCP Capital, there has been a “flippening” in the investment sector from retail to institutional investors.
“By 2022, we anticipate to witness a significant shift in cryptocurrency ownership from predominantly retail to institutional investors, with funds accounting for a considerably bigger proportion of total cryptocurrency ownership,” the report noted.
In such a scenario, significant players would be unaffected by recent price fluctuations, with Bitcoin spot allotments continuing to outpace assets including cryptocurrency equities in 2021.