{"id":28725,"date":"2022-05-31T10:18:53","date_gmt":"2022-05-31T14:18:53","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=28725"},"modified":"2022-05-31T10:19:03","modified_gmt":"2022-05-31T14:19:03","slug":"recently-released-data-shows-wealthy-coinbase-users-stil-hodling-bitcoin-since-december-2020","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/recently-released-data-shows-wealthy-coinbase-users-stil-hodling-bitcoin-since-december-2020\/","title":{"rendered":"Recently Released Data Shows Wealthy Coinbase Users Stil Hodling Bitcoin Since December 2020"},"content":{"rendered":"\n

According to reports, over 10k BTC <\/a>bought by institutions on Coinbase since 2020 have not yet been sold.<\/p>\n\n\n\n

\"Recently<\/figure>\n\n\n\n

Bitcoin (BTC) price is down more than 50% after hitting $69,000 six months ago, but the drop has done little to force some of its wealthiest investors to sell.<\/p>\n\n\n\n

Notably, since the fourth quarter of 2020, the number of bitcoins in Coinbase escrow for institutional clients has increased by 296%, showing that most investors have decided to hodl their investments despite the year-on-year decline in the price of BTC 2020 has fallen well over 50% from its all-time highs.<\/p>\n\n\n\n

\n

JUST-IN: #Bitcoin\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> under @Coinbase<\/use><\/svg><\/span><\/a> Custody for institutional clients increased by 296% since Q4'20. pic.twitter.com\/iILge2Cane<\/use><\/svg><\/span><\/a><\/p>— CryptoQuant.com (@cryptoquant_com) May 30, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

For example, institutions that deposited 10,939 BTC (~$335 million at today's price) in Coinbase Custody in December 2020, when BTC\/USD was around $23,000, have not moved since according to CryptoQuant data shown in the chain.<\/p>\n\n\n\n

CryptoQuant CEO Ki-Young Ju noted:<\/p>\n\n\n\n

“For most cases, the same amount of BTC is still in the (custodian) wallets, which flowed out from Coinbase for highly likely institutional purchases in December 2020.”<\/p><\/blockquote>\n\n\n\n

If that's the case, these institutions are currently taking 30% of the profits from their BTC investments. Meanwhile, his decision not to ease his bitcoin positions even as the BTC\/USD pair plummeted more than half underscores his strong \u201chodling\u201d sentiment.<\/p>\n\n\n\n

This also points to the ability of the institutions to withstand further price declines in bitcoin, at least until it falls below the investors' equilibrium level of $23,000.<\/p>\n\n\n\n

Isn't the Bitcoin Bear Market Over Yet?<\/h2>\n\n\n\n

Bitcoin price has been floating in the $29,500-$30,500 range since May 12, underscoring the market's indecisiveness in an environment of higher interest rates.<\/p>\n\n\n\n

However, several technical analysts expect BTC's price to continue its prevailing downtrend.<\/p>\n\n\n\n

For example, PostyXBT, an independent market analyst, argues that the token could next drop to its 200-week moving average (the $20,000-$22,000 range) as shown in the setup below.<\/p>\n\n\n\n

Meanwhile, Popular analyst Rekt Capital<\/use><\/svg><\/span><\/a> adds that a decline toward the 200-week MA could also result in Bitcoin forming a bearish wick that could push its price to $15,500-$19,000.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to reports, over 10k BTC bought by institutions on Coinbase since 2020 have not yet been sold. Bitcoin (BTC) price is down more than 50% after hitting $69,000 six months ago, but the drop has done little to force some of its wealthiest investors to sell. Notably, since the fourth quarter of 2020, the […]<\/p>\n","protected":false},"author":34,"featured_media":28731,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-28725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/crypto-coinbase-jamaica-token-1000x600-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28725","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=28725"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28725\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/28731"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=28725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=28725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=28725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}