On February 5, centralized exchanges saw a significant outflow of Bitcoin, indicating potential accumulation by large investors.
Coinbase at the Center of Major Withdrawals
Coinbase alone processed net withdrawals exceeding 15,000 BTC. Timechainindex.com data suggests Coinbase split large BTC addresses into smaller ones, indicating possible purchases by Bitcoin ETFs or MicroStrategy.
What Does This Mean for Bitcoin?
Large Bitcoin withdrawals from exchanges are often seen as bullish, suggesting long-term holding in private wallets. This aligns with institutional interest in Bitcoin ETFs and ongoing accumulation by firms like MicroStrategy.
Standard Chartered Predicts Bitcoin Growth
Standard Chartered's Geoffrey Kendrick predicts BTC could reach $200,000 by 2025 and $500,000 by 2028. Key drivers include Bitcoin ETF adoption, declining market volatility, and US regulatory developments.
Institutional Bitcoin accumulation is at record levels, reinforcing its long-term growth narrative despite short-term volatility.
