- Coinbase saw 7,883 BTC net outflows on May 26, third-largest single-day outflow in a month.
- Most U.S. Spot Bitcoin ETFs rely on Coinbase, suggesting possible ETF-driven institutional activity.
- Positive Coinbase Premium Index indicates ongoing institutional demand and potential upward price pressure.
Bitcoin stayed close to its record high of $111,980 as exchange data pointed to unusual activity. On May 26, Coinbase saw a withdrawal of 8,742 BTC in one day. After subtracting deposits, the net outflow reached 7,883 BTC. That single-day shift was the third largest this month on Coinbase, according to CryptoQuant contributor burakkemeci.
The net outflow shows more Bitcoin left the exchange than came in. This often points to buyers who are moving coins into long-term storage, away from trading platforms. Burakkemeci noted this could signal that large investors are growing their holdings.
Coinbase is a key player in the U.S. spot Bitcoin ETF market. All of them—except for Fidelity’s—source their Bitcoin from this exchange. The size of the withdrawal suggests that an ETF or a corporate buyer could be involved.
Institutional Buying May Push Bitcoin Higher
One likely player is Strategy, headed by Michael Saylor. The firm recently acquired 7,390 more BTC, bringing its total holdings to 576,230 BTC. Saylor hinted at another potential buy. Whether the recent Coinbase outflows are tied to his firm remains unconfirmed, but the timing is raising eyebrows.
At the same time, the Coinbase Premium Index has remained higher than average for the past month. This index tracks whether U.S. investors are paying more for Bitcoin on Coinbase compared to other platforms. A higher number usually reflects more buying from big institutions.
Burakkemeci wrote, “These outflows reflect sustained demand from U.S.-based institutions. If this appetite continues, it may lay the groundwork for another leg up in Bitcoin’s price. Especially when fueled by ETF inflows, such moves can lead to sharp price breaks and new highs.”
Whale Moves Hint at Retail Entry Soon
In a separate post on X, analyst CW said that large holders tend to buy Bitcoin when there is little action from retail investors. When smaller buyers return, those whales usually offload their coins to them. Currently, CW has noted that the whale ratio on exchanges is increasing again.
This indicates that large holders are buying, while retail investors remain cautious. CW believes this won’t last. Once the whales slow down their buying and Bitcoin’s price picks up again, retail investors are expected to follow, triggering a fast climb in value.
Bitfinex analysts added that Bitcoin’s current ETF demand, combined with low price swings and steady spot premiums, shows a market that’s becoming more stable. They believe once global economic signals become clearer, Bitcoin could continue moving upward.
The next big event for crypto watchers is the U.S. Federal Reserve’s interest rate decision, scheduled for June 18. Rates remained unchanged between 4.25% and 4.50% in May. Traders are looking for signs that could impact both traditional and digital asset prices in the weeks ahead.
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