Coinbase is running out of Bitcoin to sell...
What happens when Coinbase runs out of bitcoin to sell?
The trend of supply leaving Exchanges continues unabated with over 12k bitcoin leaving Coinbse in just the last 7 days alone.
Check it out:
(Source: https://twitter.com/WClementeIII/status/1371152869219561472/photo/1)
This continues a multi-month trend of large amounts of bitcoin leaving centralized Exchanges.
Part of this is due to defi and decentralized exchanges, but a bigger part of it has to do with institutions buying off exchanges and then storing it in cold storage.
As long as this trend is in tact, you gotta be long bitcoin. The last time we saw this trend change several months before an eventual top.
I'm expecting something similar this time around and the fact that it hasn't stopped yet, probably means we are months away from a top, at least.
Stay informed my friends.
-Doc
If we are months from a top that is pretty crazy. I feel like we are a couple weeks from a top but who knows. I mean from $3,800 to $61,000 in a year....that is unreal.
Well a local top vs the absolute top are two very different things. We could be close to a local top. I don't think we are close to the absolute top though.
It's really hard to tell for sure. Part of me says it will follow a similar pattern that it has in the past but then the other part of me says it won't work the same because people won't FOMO like they normally would because the price of Bitcoin is so high they feel like they missed it.
Feels we are a ways from the top, but the remaining journey isn't going to be as smooth as it's been till now in the last one year. Institutional adoption is the only driving force remaining in the sails of BTC, till atleast the next halving of mining rewards 3 years from now.
Can they really fully run out?