Investors mean business as current prices remain more than attractive to new buyers.
Another day, another spike in Bitcoin (BTC) leaving major exchange Coinbase as funds pour into the largest cryptocurrency.
Data from on-chain monitoring resource Glassnode showed 12,354 BTC ($694 million) being withdrawn from the Coinbase order book in a single hour on May 7.
Coinbase sees another BTC balance squeeze
As the largest exchange in the United States, Coinbase has frequently been the venue for major Bitcoin buy-ins this year.
As Cointelegraph reported, sudden tranches in excess of 10,000 BTC heading to private wallets is far from unheard of, but nonetheless demonstrates a desire to at least store Bitcoin for the long term instead of keeping it within easy reach of a point of sale.
Coinbase Pro Bitcoin balance chart.