Coinbase balance drops by 30K BTC as Bitcoin price nurses 6% losses

cointelegraph.com:

Bitcoin (BTC) held steady at the June 7 Wall Street open after a night of losses cost bulls heavily.

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ranged near $30,000, still down 6% versus its prior highs.

After underperforming versus United States equities on June 6, the pair nonetheless managed to avoid falling further in step with stocks. At the time of writing, the S&P 500 was down 0.6% from the open, with the Nasdaq Composite Index 0.5% lower.

Analyzing order book data, on-chain analytics resource Material Indicators noted that a wall of bids from a whale “spoofing” the market in recent days had finally dissipated. Earlier, that entity had posted a support line at $29,000.

“Looks like the whale we've been watching spoof for over a week finally unloaded some BTC,” it revealed, alongside a chart of the Binance order book.

Another intriguing event related to buying came from Coinbase Pro, the professional trading offshoot of major U.S. exchange Coinbase, which saw what appeared to be tens of thousands of BTC in outflows over the past 24 hours.

While potentially an internal transaction, an institutional client could now be in possession of around $30,000 BTC, according to data from the on-chain analytics platform Coinglass.

Coinbase’s BTC balance thus returned to its lowest levels since May 16.

Amid a relative lack of volatility, attention focused on Bitcoin dominance over struggling altcoins.

Related: Bitfinex Bitcoin longs hit a record-high, but does that mean BTC has bottomed?

#BTC Dominance is breaking out from a macro WedgeBest case scenario for Altcoins (blue path):• Small relief -> strong decline -> future strong reliefWorst case scenario for Altcoins (orange path):• Strong valuation decline