{"id":519222,"date":"2023-02-10T13:30:00","date_gmt":"2023-02-10T13:30:00","guid":{"rendered":"https:\/\/ktsl888.com\/?p=519222"},"modified":"2024-06-11T14:32:22","modified_gmt":"2024-06-11T14:32:22","slug":"bitcoin-declines-22000-coinbase-observes-deposits","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-declines-22000-coinbase-observes-deposits\/","title":{"rendered":"Bitcoin Declines Below $22,000 As Coinbase Deposits Rise"},"content":{"rendered":"

Bitcoin has declined below $22,000 in the past day as on-chain data shows deposits have risen on the crypto exchange Coinbase.<\/p>\n

Bitcoin Coinbase Exchange Reserve Has Risen Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, the exchange reserves have been going up recently. The “exchange reserve<\/a>” is an indicator that measures the total amount of Bitcoin currently being stored in the wallets of a centralized exchange (or a group of them).<\/p>\n

When the value of this metric goes up, it means investors are depositing their coins to the exchange right now. If the platform in question is a spot exchange, then the reserve showing this trend could be bearish for the price of the crypto, as investors usually use spot exchanges for selling purposes.<\/p>\n

On the other hand, a decreasing reserve can imply holders are withdrawing their coins from the exchange currently. Generally, holders take out their coins to cold wallets for holding onto them for extended periods. Thus, such a trend can be bullish for the price in the long term, as it means a reduction in selling pressure for the asset.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin exchange reserve specifically for Coinbase<\/a> and Binance, as well as that for all spot and derivative exchanges, over the last couple of weeks:<\/p>\n

\"Bitcoin<\/p>\n

The different versions of the exchange reserve metric | Source: CryptoQuant<\/a><\/pre>\n
The quant posted the above chart yesterday and it seems like at that time, Coinbase’s Bitcoin exchange reserve had seen a sharp rise. Binance’s reserve had also seen a small increase, but it was much less in scale compared to the inflows Coinbase observed.<\/p>\n
Related Reading: Small Cap Altcoins Outperform Bitcoin As GRT Registers 117% Gains<\/a><\/div>\n
The version of the indicator for all spot exchanges together (shown in green in the graph) also naturally shot up in close tandem with the rise in Coinbase’s reserve. This increase in the spot reserve suggests that investors may have been planning to do a selloff yesterday.<\/p>\n
And indeed, as it turns out, in the past day, Bitcoin has taken a 4% hit, with its price losing the $22,000 level. This might confirm that the deposits were done for dumping purposes after all.<\/p>\n
The exchange reserve for all derivative exchanges has also seen a slight rise in recent days, but the increase is likely not significant enough to cause any noticeable effects on the market.<\/p>\n
Related Reading: Dogecoin Down 6%, Slips Below Polygon On Market Cap List<\/a><\/div>\n
In the top chart (the one with the data for the BTC price), there are also all exchange reserves shown, which is the version of the indicator that combines the reserves of all kinds of exchanges.<\/p>\n
While this indicator has obviously trended up in the last two days (due to the spot deposits), the metric has overall still gone down in the last two weeks, which suggests that some net Bitcoin accumulation<\/a> has taken place in the market. If these withdrawals were really a sign of buying, then the coin could still see a bullish effect in the long term.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $21,800, down 7% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC has plunged today | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has declined below $22,000 in the past day as on-chain data shows deposits have risen on the crypto exchange Coinbase. Bitcoin Coinbase Exchange Reserve Has Risen Recently As pointed out by an analyst in a CryptoQuant post, the exchange reserves have been going up recently. The “exchange reserve” is an indicator that measures the total amount of Bitcoin currently being stored in the wallets of a centralized exchange (or a group of them). When the value of this metric goes up, it means investors are depositing their coins to the exchange right now. If the platform in question is a spot exchange, then the reserve showing this trend could be bearish for the price of the crypto, as investors usually use spot exchanges for selling purposes. On the other hand, a decreasing reserve can imply holders are withdrawing their coins from the exchange currently. Generally, holders take out their coins to cold wallets for holding onto them for extended periods. Thus, such a trend can be bullish for the price in the long term, as it means a reduction in selling pressure for the asset. Now, here is a chart that shows the trend in the Bitcoin exchange reserve specifically for Coinbase and Binance, as well as that for all spot and derivative exchanges, over the last couple of weeks: The different versions of the exchange reserve metric | Source: CryptoQuant The quant posted the above chart yesterday and it seems like at that time, Coinbase’s Bitcoin exchange reserve had seen a sharp rise. Binance’s reserve had also seen a small increase, but it was much less in scale compared to the inflows Coinbase observed. Related Reading: Small Cap Altcoins Outperform Bitcoin As GRT Registers 117% Gains The version of the indicator for all spot exchanges together (shown in green in the graph) also naturally shot up in close tandem with the rise in Coinbase’s reserve. This increase in the spot reserve suggests that investors may have been planning to do a selloff yesterday. And indeed, as it turns out, in the past day, Bitcoin has taken a 4% hit, with its price losing the $22,000 level. This might confirm that the deposits were done for dumping purposes after all. The exchange reserve for all derivative exchanges has also seen a slight rise in recent days, but the increase is likely not significant enough to cause any noticeable effects on the market. Related Reading: Dogecoin Down 6%, Slips Below Polygon On Market Cap List In the top chart (the one with the data for the BTC price), there are also all exchange reserves shown, which is the version of the indicator that combines the reserves of all kinds of exchanges. While this indicator has obviously trended up in the last two days (due to the spot deposits), the metric has overall still gone down in the last two weeks, which suggests that some net Bitcoin accumulation has taken place in the market. If these withdrawals were really a sign of buying, then the coin could still see a bullish effect in the long term. BTC Price At the time of writing, Bitcoin is trading around $21,800, down 7% in the last week. Looks like BTC has plunged today | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":519247,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,428,517,85555,83940,1119,1144,1393,87812],"class_list":["post-519222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bitcoin","tag-bitcoin-derivatives","tag-bitcoin-exchange-inflows","tag-bitcoin-exchange-reserve","tag-btc","tag-btcusd","tag-coinbase","tag-coinbase-bitcoin-reserve"],"acf":[],"yoast_head":"\nBitcoin Declines Below $22,000 As Coinbase Deposits Rise<\/title>\n<meta name=\"description\" content=\"Bitcoin has declined below $22,000 in the past day as on-chain data shows deposits have risen on the crypto exchange Coinbase. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Declines Below $22,000 As Coinbase Deposits Rise","url":"http:\/\/ktsl888.com\/news\/bitcoin-declines-22000-coinbase-observes-deposits\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-declines-22000-coinbase-observes-deposits\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","bitcoin","bitcoin derivatives","bitcoin exchange inflows","bitcoin exchange reserve","btc","btcusd","coinbase","coinbase bitcoin reserve"],"dateCreated":"2023-02-10T13:30:00Z","datePublished":"2023-02-10T13:30:00Z","dateModified":"2024-06-11T14:32:22Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Declines Below $22,000 As Coinbase Deposits Rise\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-declines-22000-coinbase-observes-deposits\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-declines-22000-coinbase-observes-deposits\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"bitcoin\",\"bitcoin derivatives\",\"bitcoin exchange inflows\",\"bitcoin exchange reserve\",\"btc\",\"btcusd\",\"coinbase\",\"coinbase bitcoin reserve\"],\"dateCreated\":\"2023-02-10T13:30:00Z\",\"datePublished\":\"2023-02-10T13:30:00Z\",\"dateModified\":\"2024-06-11T14:32:22Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/kanchanara-9pCV2MB65y8-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/519222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=519222"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/519222\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/519247"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=519222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=519222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=519222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}