41,000 Bitcoin transferred to Coinbase Pro: cause for concern?

Not a one-sided event

If this was a one-sided event, it would have been an extremely bullish or bearish signal. Fortunately, the inflows and outflows were similar in volume, making it very likely that this was an internal transfer from Coinbase Pro.

Other than this odd event, on-chain analysis has not detected any unusually high net flows into or out of other exchanges. This appears to be an isolated event.

Low Liquidity in BTC

Liquidity has been very low for the past couple of weekends, making BTC vulnerable to large swings up and down. A whale with more than 40,000 BTC knows not to move such large amounts of BTC into exchanges as it will be discovered and cause a “pre-sale” in anticipation of an impending sell-off.

For now, there is not much to worry about, at least not about these large inflows and outflows.

Our latest chart analysis on Bitcoin.

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