Where did the BTC go?

3 Sectors are driving the liquidity crisis seen in the chart below courtesy of @cryptoquant_official

Approximately 635,000 BTC have exited exchanges since early 2020.

It's predominately going to three areas.
1. The 'Prince of Pump', Grayscale
2. Corporations/Institutions
3. DeFi

Here are some charts showing this.

Analyst: Ben Lilly | @cryptoquant_official

There were three consecutive massive $ETH outflows from Coinbase cold wallets last year.

Speculative guess but those might be OTC deals for institutional investors like $BTC Coinbase outflows.

You might want to set an alert for this. (> 30k ETH)

Analyst: Ki Young Ju | View Chart | @cryptoquant_official

$ETH all-time high in 2021 is different from 2018.

Fewer deposits, more withdrawals across all exchanges.
Selling pressure significantly weaker than in 2018.

Analyst: Ki Young Ju | Save Chart | @cryptoquant_official

One thing that makes me uncomfortable about this $BTC surge is a negative Coinbase premium.

Buying power seems not to come from US institutional investors, but stablecoin whales and retail investors.

Not a healthy bull without USD spot inflows. It's not necessarily a short signal, but be careful if you're a derivative trader.

Analyst: Ki Young Ju | View Chart | @cryptoquant_official

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$BTC perpetual futures open interest hit an all-time high in spite of the dip.

Live Chart | @cryptoquant_official

Before the dip, there were significant $BTC inflows into all exchanges, mostly Gemini.

Live Chart | @cryptoquant_official

Coinbase Premium hit the all-time low -$1020 and then skyrocketed +$486.

Remember who's driving the market. Coinbase whales have been accumulating $BTC in 44-48k range.

Even if there are more corrections, it's unlikely to go down below 44k.

Analyst: Ki Young Ju | View Chart | @cryptoquant_official

A couple of new mining pools and miner entities will be added within two weeks. The aggregated data of all miners may change.

Learn More | @cryptoquant_official

Another significant Coinbase outflows at 48k. US institutional investors are still buying $BTC.

I think the major reason for this drop is the jittering macro environment like the 10-year Treasury note, not whale deposits, miner selling, and lack of institutional demand.

I think it will eventually go above 48k which is the institutional buying level, so I bought more $BTC here at 46k. Not sure about short-term price moving tho.

Analyst: Ki Young Ju | View Chart | @cryptoquant_official

As of Feb 25, 2021
- QBTC Premium: -3.7%
- QBTC holdings: 23,646 BTC

View Chart | @cryptoquant_official

Pretty strong Coinbase premium since 43k.

Coinbase whales are most affected by the macro environment, I think their buying indicates the correction is over.

Analyst: Ki Young Ju | View Chart | @cryptoquant_official

Whales are accumulating $BTC.

They are making a lot of bear traps lately, but the BTC price seems to recover the institutional buying level, 48k.

Looking at recent Coinbase outflows, most of the outflows that went to custody wallets were at 48k price.

Analyst: Ki Young Ju | View Chart | @cryptoquant_official