{"id":455521,"date":"2022-05-31T16:08:01","date_gmt":"2022-05-31T13:08:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/wealthy-coinbase-clients-are-still-hodling-bitcoin-since-december-2020-data-suggests\/"},"modified":"2022-05-31T16:08:01","modified_gmt":"2022-05-31T13:08:01","slug":"wealthy-coinbase-clients-are-still-hodling-bitcoin-since-december-2020-data-suggests","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/wealthy-coinbase-clients-are-still-hodling-bitcoin-since-december-2020-data-suggests\/","title":{"rendered":"# Wealthy Coinbase clients are still &#8216;hodling&#8217; Bitcoin since December 2020, data suggests"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 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-6a3db88a342e6\" 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-6a3db88a342e6\" 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-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/wealthy-coinbase-clients-are-still-hodling-bitcoin-since-december-2020-data-suggests\/#%E2%80%9D_Wealthy_Coinbase_clients_are_still_%E2%80%98hodling_Bitcoin_since_December_2020_data_suggests_%E2%80%9C\" >&#8221; Wealthy Coinbase clients are still &#8216;hodling&#8217; Bitcoin since December 2020, data suggests &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/wealthy-coinbase-clients-are-still-hodling-bitcoin-since-december-2020-data-suggests\/#Bitcoin_bear_market_not_over\" >Bitcoin bear market not over?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Wealthy_Coinbase_clients_are_still_%E2%80%98hodling_Bitcoin_since_December_2020_data_suggests_%E2%80%9C\"><\/span>&#8221; Wealthy Coinbase clients are still &#8216;hodling&#8217; Bitcoin since December 2020, data suggests &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Bitcoin&#8217;s (BTC) price dropped by more than 50% after peaking out at $69,000 six months ago but the plunge did little in forcing some of its wealthiest investors into selling.<\/p>\n<p>Notably, the number of Bitcoin under Coinbase Custody for institutional clients rose by 296% since Q4 2020, showcasing the most investors decided to &#8220;hodl&#8221; onto their investments despite BTC price down well over 50% from its all-time highs.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">JUST-IN: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> under <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/coinbase?ref_src=twsrc%5Etfw\">@Coinbase<\/a> Custody for institutional clients increased by 296% since Q4&#8217;20. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/iILge2Cane\">pic.twitter.com\/iILge2Cane<\/a><\/p>\n<p>\u2014 CryptoQuant.com (@cryptoquant_com) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1531377556909342721?ref_src=twsrc%5Etfw\">May 30, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nFor instance, institutions that deposited 10,939 BTC (~$335 million at today&#8217;s price) with Coinbase Custody in December 2020, when BTC\/USD was around $23,000, have not moved since, on-chain <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1530996087401725954\">data<\/a> from CryptoQuant shows.<\/p>\n<p>Ki Young Ju, CEO of CryptoQuant, noted: <\/p>\n<blockquote><p>&#8220;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.&#8221;<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/da387eb7-d641-4d74-b237-29b2cbd5da6f.jpeg\"><figcaption style=\"text-align: center;\"><em>Coinbase custodial wallets comparison. Source: CryptoQuant\/Ki Young Ju<\/em><\/figcaption><\/figure>\n<p>If this is the case, then these institutions are currently sitting on 30% profits from their BTC investments. Meanwhile, their decision to not unwind their Bitcoin positions, even when BTC\/USD has plummeted by more than half, underscores their strong &#8220;hodling&#8221; sentiment.<\/p>\n<p>That also points to institutions&#8217; ability to withstand additional declines in the Bitcoin price, at least until it drops below the investors&#8217; breakeven level of $23,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_bear_market_not_over\"><\/span>Bitcoin bear market not over?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin&#8217;s price has been fluctuating inside the $29,500-$30,500 range since May 12, underscoring the market&#8217;s indecision in a higher interest rate environment.<\/p>\n<p><strong><em>Related:\u00a0On-chain data flashes Bitcoin buy signals, but the bottom could be under $20K<\/em><\/strong><\/p>\n<p>But several technical analysts anticipate that BTC&#8217;s price would continue its prevailing downtrend. <\/p>\n<p>For instance, PostyXBT, an independent market analyst, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PostyXBT\/status\/1531197617857781762\">argues<\/a>\u00a0that the token could fall toward its 200-week moving average (the $20,000-22,000 range) next, as shown in the setup below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/701bc83f-7e0f-45ba-ab96-9e58ffec01cd.jpeg\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT weekly price chart. Source: PostyXBT\/TradingView<\/em><\/figcaption><\/figure>\n<p>Meanwhile, Popular analyst Rekt Capital <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1529853627094945792\">adds<\/a> that a drop toward the 200-week MA could also have Bitcoin form a bearish wick, which might take its price to as low as $15,500-$19,000.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\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\/wealthy-coinbase-clients-are-still-hodling-bitcoin-since-december-2020-data-suggests\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Wealthy Coinbase clients are still &#8216;hodling&#8217; Bitcoin since December 2020, data suggests &#8220; Bitcoin&#8217;s (BTC) price dropped by more than 50% after peaking out at $69,000 six months ago but the plunge did little in forcing some of its wealthiest investors into selling. Notably, the number of Bitcoin under Coinbase Custody for institutional clients&#8230;<\/p>\n","protected":false},"author":1,"featured_media":455522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMDg0OWYxOTUtYjY1OS00ZWRjLTlkYzEtMGQzN2U3MGQ2YzVkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,81951,74937,74982,74956,74939,78261,74336,73785],"class_list":["post-455521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-price","tag-btc-markets","tag-coinbase","tag-market-analysis","tag-tech-analysis","tag-bonds","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/455521","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=455521"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/455521\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/455522"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=455521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=455521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=455521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}