Coinbase Sees Massive Bitcoin Withdrawal Amid Bullish Market Signals

Despite its recent underperformance compared to various altcoins, Bitcoin's potential remains promising. A surge in withdrawals from exchanges suggests ample room for price growth.

In a significant move, nearly 20,000 BTC was withdrawn from Coinbase exchange within just 24 hours, valued at approximately $1.87 billion. This trend of investors relocating their assets to cold storage continues positively, according to analytics firm CryptoQuant.

The recent bullish run saw Bitcoin's price surge from under $70,000 to nearly $100,000, but it still struggles to breach the $100,000 mark. Insights from Santiment indicate a positive outlook for those holding profits, with the average monthly returns of active BTC wallets softening to 4.2%.