Coinbase balance drops by 30K BTC as Bitcoin price nurses 6% losses

After a night of losses, Bitcoin (BTC), held steady at the June 7, Wall Street open.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Coinbase reports conspicuous outflows

Data from TradingView and Cointelegraph Markets Pro followed BTC/USD as the price ranged close to $30,000, but was still down 6% over its previous highs.

The S&P 500 and Nasdaq Composite Index fell on June 6 compared to US equities, but they managed to stay in line with stocks. The S&P 500 was 0.6% lower than the open at the time of writing. The Nasdaq Composite Index was 0.5% lower.

Material Indicators, an on-chain analytics resource, discovered that the whale had been “spoofing” market prices in recent days. They were able to analyze order book data and found that there was no wall of bids. The support line for that entity was $29,000 earlier.

It revealed that the whale it had been watching for more than a week unloaded some BTC.

“The $60M in bids that we saw rise just above $29K were broken up into smaller blocks and moved into active trading range. It appears to have been fully filled.”

BTC/USD order books data (Binance). Source: Material Indicators/Twitter

Coinbase Pro, a professional trading platform affiliated with the major U.S. exchange Coinbase saw an interesting event related to buying. It reported that there were tens to thousands of BTC outflows in the last 24 hours.

According to Coinglass data, although it could be an internal transaction, an institution client could have around $30,000 BTC.

Coinbase’s BTC balance has returned to its lowest level since May 16th.

Balance chart for Coinbase BTC Source: Coinglass

Bitcoin dominance hits 8-month highs

In a time of relative stability, the focus was on Bitcoin dominance over other struggling altcoins.

Related: Bitfinex Bitcoin longs reach a record high, but does this mean that BTC has bottomed out?

#BTC Dominance is breaking out from a macro Wedge Best case scenario for Altcoins (blue path): * Small relief -> strong decline -> future strong relief Worst case scenario for Altcoins (orange path): * Strong valuation decline -> small relief -> more downside$BTC #Bitcoin
— Rekt Capital (@rektcapital) June 7, 2022

This dominance was 46.3% of total crypto market capital on June 7. Bitcoin’s highest level since October 2021.

“Once we break through the range high, that’s when we will see capitulation on Altcoins. I will be looking for signs of a bottoming formation or accumulation to deploy capital,” Crypto Tony, trading account, told his Twitter followers.

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