Bitcoin Held On Coinbase Exchange Reach 9-Year Low, Can Bitcoin Reach $75,000?
26 Marzo 2024 - 8:00PM
NEWSBTC
In a recent development, data from crypto analytics firm Glassnode
shows that the amount of Bitcoin held on Coinbase has reached a
9-year low. This has raised the possibility of the flagship crypto
rising to a new all-time high (ATH) of $75,000 soon enough.
BTC Held On Coinbase Drops Significantly According to
Glassnode, the Bitcoin balance on Coinbase dropped to a nine-year
low of 344,856 on March 18. This suggests that Bitcoin investors
are choosing to move their holdings off exchanges and hold for the
long term rather than sell anytime soon. A move like this reduces
the short-term pressure on Bitcoin and could spark an upward trend
in BTC’s price. Related Reading: Why Is The Price Of LUNC And
USTC Up Today? Meanwhile, the drop in BTC held on Coinbase looks to
be a trend, with data from market intelligence platform Santiment
showing a drop in the total amount of Bitcoin held on centralized
exchanges (CEXs). This data is also supported by the fact that
these exchanges have recorded more outflows than inflows
lately. Further data from Santiment also shows that the
supply on exchanges as of March 22 stood at just over 836,000 BTC
compared to the 18.82 million BTC that resides out of these CEXs.
The decline in the number of BTC held on exchanges is undoubtedly a
welcome development, considering how the flagship crypto token has
recently been plagued with a wave of profit-taking. Before
now, the bearish sentiment surrounding BTC was further strengthened
by JPMorgan’s theory that Bitcoin was overbought and that the
crypto token could experience further price declines soon enough.
However, with BTC back over $70,000, there is the belief that this
is just the beginning of an upward trend that could see it reach
new highs. Spot Bitcoin ETFs Record Net Inflows BitMEX
Research revealed in an X (formerly Twitter) post that the Spot
Bitcoin ETFs recorded a combined net inflow of $15.7 million on
March 25. This represents a positive turn of events after these
funds recorded negative flows throughout last week. The wave of
profit-taking by these Bitcoin ETF investors contributed to the BTC
dip that occurred during that period. Related Reading: 7 Days
Of Crypto: Key Events That You Should Keep An Eye On This Week The
crypto community will no doubt keep their eyes on the flows
recorded by these Spot Bitcoin ETFs this week as they could give an
idea of whether or not the outlook towards BTC has become bullish
again. These Bitcoin ETFs now play a prominent role in the Bitcoin
ecosystem, considering how much BTC these fund issuers accumulate
whenever there is a high demand for them. At the time of
writing, Bitcoin is trading at around $70,700, up over 5% in the
last 24 hours according to data from CoinMarketCap. BTC price
trending north of $70,000 | Source: BTCUSD on Tradingview.com
Featured image from BBC, chart from Tradingview.com
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