Key Points

Bitcoin has seen consistent outflows from Coinbase, with seven batches exceeding 15,000 BTC since February.
Bitcoin’s price surge to $66,000 coincided with its highest netflows since December 2023.

A recent examination has revealed a consistent trend of Bitcoin outflows from a specific exchange, contributing to Bitcoin’s record netflows.

The same trend was observed as Bitcoin’s price climbed to $66,000.

Bitcoin Outflows and Price Surge

CryptoQuant’s data revealed significant outflows of 16,021 Bitcoin from Coinbase on 15 May.

This trend, which has been consistent since February, has seen seven outflows exceeding 15,000 BTC.

The latest outflow was valued at over $1 billion, considering Bitcoin’s press time price above $66,000 on 16 May.

A surge in outflows was observed on 15 May, marking its highest level in weeks.

The outflow volume was over 55,217 BTC, equivalent to over $3.6 billion.

This level had not been seen since 28 March, coinciding with a time when Bitcoin’s price reached around $70,000.

Bitcoin registered its highest netflow in months on 15 May, as indicated by the exchange netflow chart.

The netflow recorded a volume of over -23,359 BTC, indicating that substantial outflows exceeded inflows across all exchanges.

This negative netflow level was not seen since December 2023.

At press time, outflows continued to dominate exchange flows, suggesting the ongoing movement of Bitcoin away from exchanges.

Bitcoin’s price surged by 7.65% on 15 May, propelling it to $66,244.

This marked a return to the price range unseen since its decline below this level around 12 April.

This recent price movement has pushed Bitcoin’s Relative Strength Index (RSI) above the neutral zone.

An analysis of the RSI indicated that it was trending above 50 after several weeks below this threshold.

This shift in the RSI can be interpreted to be a positive sign for Bitcoin’s bulls.