{"id":159544,"date":"2021-01-21T12:39:40","date_gmt":"2021-01-21T09:39:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/why-did-bitcoin-fall-below-33k-coinbase-whales-might-have-the-answer\/"},"modified":"2021-01-21T12:39:40","modified_gmt":"2021-01-21T09:39:40","slug":"why-did-bitcoin-fall-below-33k-coinbase-whales-might-have-the-answer","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/why-did-bitcoin-fall-below-33k-coinbase-whales-might-have-the-answer\/","title":{"rendered":"# Why did Bitcoin fall below $33K? Coinbase whales might have the answer"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2f63b8b7f03\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2f63b8b7f03\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/why-did-bitcoin-fall-below-33k-coinbase-whales-might-have-the-answer\/#Coinbase_Premium_abruptly_drops\" >Coinbase Premium abruptly drops<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/why-did-bitcoin-fall-below-33k-coinbase-whales-might-have-the-answer\/#Battle_of_the_Bitcoin_whales\" >Battle of the Bitcoin whales<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Why did Bitcoin fall below $33K? Coinbase whales might have the answer <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) slid under $33,000 for the first time in over a week on Jan. 21 as selling pressure gathered to drive price action lower.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Coinbase_Premium_abruptly_drops\"><\/span>Coinbase Premium abruptly drops<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a>\u00a0showed BTC\/USD continuing its downtrend on Thursday, dropping 7.% on the day and failing to bounce off $33,000 support.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/1d47226f-b4c2-4506-aa01-ae578cc9d9c1.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The latest move, which brings Bitcoin down over 13% versus its highs from Tuesday, came amid increased selling at Coinbase Pro, the professional trading arm of United States cryptocurrency exchange Coinbase.<\/p>\n<p>As Cointelegraph reported, major spikes in volume at Coinbase Pro had accompanied price volatility in recent weeks. This time, it was a dip in the so-called &#8220;Coinbase Premium&#8221; which signalled selling was underway \u2014 the difference in price between the BTC\/USD pair at the venue and others suddenly decreased.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/cd94e71a-79ec-4bf3-8b78-749b95c887e5.jpg\"><figcaption style=\"text-align: center;\"><em>Coinbase Premium vs. BTC\/USD chart. Source: Ki Young Ju<\/em><\/figcaption><\/figure>\n<p>&#8220;It seems $BTC sellers came from #Coinbase. Coinbase Premium Index has been a negative value since an hour ago,&#8221; Ki Young Ju, CEO of on-chain analytics resource CryptoQuant, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1352176712881115136\">summarized<\/a> on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> uploading the accompanying chart. <\/p>\n<blockquote><p>Coinbase whales might want $BTC to go lower for consolidation.&#8221;<\/p><\/blockquote>\n<p>A day earlier, Ki had highlighted a corresponding increase in deposits across exchanges from whales, indicating a potential desire to trade or sell BTC at prices at or below the mid-range of its trading corridor between $30,000 and $40,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Battle_of_the_Bitcoin_whales\"><\/span>Battle of the Bitcoin whales<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Another trend since Bitcoin began ascending to new all-time highs was a transfer of wealth from small investors to whales, the latter buying up the supply during every price retracement.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p>Despite the sell-off, it was buyers hitting the headlines this week, chief among the investment giant Grayscale, which fixed its biggest-ever one-day BTC purchase worth more than $600 million. In the 24 hours to the end of Wednesday, the company increased its balance by a further 8,000 BTC \u2014 far more than the supply being added to the market by miners.<\/p>\n<p>At a virtual conference this week, CEO Michael Sonnenshein outlined nation state adoption of digital assets and increased interest from financial advisers as two of the major trends which believes will characterize 2021.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/why-did-bitcoin-fall-below-33k-coinbase-whales-might-have-the-answer\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Why did Bitcoin fall below $33K? Coinbase whales might have the answer &#8221; Bitcoin (BTC) slid under $33,000 for the first time in over a week on Jan. 21 as selling pressure gathered to drive price action lower. Coinbase Premium abruptly drops Data from Cointelegraph Markets and TradingView\u00a0showed BTC\/USD continuing its downtrend on Thursday,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":159545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvOTUzNTdkMTItZDZiYS00MDZiLTg1ODYtYmQwZDhkMjViMmJkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74956,73785],"class_list":["post-159544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-coinbase","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/159544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=159544"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/159544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/159545"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=159544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=159544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=159544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}