Bitcoin flows on Coinbase, a key proxy for U.S. institutional sentiment, flipped to a net outflow of 188 BTC on April 9, a sharp reversal from the previous day’s inflow of over 4,100 BTC.
"Bitcoin netflow on Coinbase Advanced came in at -188 BTC, marking a sharp swing from the prior session's +4,155 BTC net inflow," data from on-chain analytics firm CryptoQuant showed as of April 9 (UTC, incomplete).
The move to outflows presents a complex picture, as it occurred while the exchange’s price premium turned positive, a metric that typically indicates stronger buying pressure on the platform compared to other venues. The mixed data follows significant institutional activity, including a recent transfer of approximately 1,178 BTC to Coinbase Prime by BlackRock for its IBIT exchange-traded fund, according to Arkham data.
These conflicting signals suggest a period of heightened portfolio repositioning rather than a decisive market-wide trend. The divergence between netflows and the price premium could lead to increased short-term volatility as traders digest opposing pressures from institutional buying and broader profit-taking or de-risking.
The reversal in fund flows comes as Bitcoin’s price rebounded to trade near the $70,000 level early Monday, with the market navigating a mix of geopolitical tensions and shifting expectations for Federal Reserve interest rate cuts. While benchmark crude oil futures eased slightly, they remained above $110 a barrel, reflecting ongoing uncertainty.
This environment has created a stark division among market analysts. Bloomberg analyst Mike McGlone has warned of a potential "crypto bubble burst" that could see prices fall back to the $10,000 level. In contrast, Bernstein analyst Gautam Chhugani believes the market has bottomed, forecasting a price of $150,000 by 2026, driven by institutional demand from spot Bitcoin ETFs that has fundamentally altered the market structure.
The data highlights a tug-of-war between different institutional players. While some entities are clearly accumulating, as evidenced by BlackRock's consistent ETF-related inflows, others appear to be taking profits or reallocating capital, leading to the net outflow figure. This dynamic suggests the market is searching for a clear direction amid a complex macroeconomic backdrop.
This article is for informational purposes only and does not constitute investment advice.
