In a recent development, data from bitcoin-bull-market-glassnode/” rel=”nofollow”>cryptanalysis company Glassnode shows that the amount of bitcoin held on Coinbase has hit a 9-year low. This has raised the possibility that bitcoin-leads-sp-500-michael-saylor-asserts/” rel=”nofollow”>flagship crypto reaching a new all-time high (ATH) of $75,000 very soon.
btc held on Coinbase drops significantly
According to Glassnode, the bitcoin balance on Coinbase fell to a nine-year low of 344,856 on March 18. This suggests that bitcoin investors are choosing to move their bitcoin-outflows-from-exchanges-rise-to-8-month-highs-will-btc-rise-to-60000/” rel=”nofollow”>off-exchange holdings and hold it for the long term rather than selling it soon. A move like this reduces short-term pressure on bitcoin and could lead to an upward trend in the price of btc.
Meanwhile, the drop in btc held on Coinbase appears to be a trend, with data of Santiment market intelligence platform showing a drop in the total amount of bitcoin held on centralized exchanges (CEX). This data is also supported by the fact that these exchanges have recently recorded more outflows than inflows.
Other data from Santiment also shows that the supply on exchanges as of March 22 was just over 836,000 btc compared to the 18.82 million btc residing in these CEXs. The decrease in the amount of btc held on exchanges is certainly a welcome development, considering how the flagship crypto token has recently been plagued by a bitcoin-shatters-profit-taking-streak-2021-bull-run/#:~:text=bitcoin%20Has%20Now%20Seen%20157%20Straight%20Days%20Of%20Net%20Profit%2DTaking&text=The%20relevant%20indicator%20here%20is,are%20realizing%20with%20their%20selling.” rel=”nofollow”>profit taking wave.
So far, the bearish sentiment surrounding btc was further strengthened by The JPMorgan theory that bitcoin was overbought and that the crypto token could see further price drops soon enough. However, with btc back above $70,000, there is a belief that this is just the beginning of an uptrend that could see it reach new highs.
bitcoin spot ETFs see record net inflows
BitMEX Research revealed in an X (formerly Twitter) mail that he bitcoin-etfs-record-2-2-billion-inflow-in-past-week/” rel=”nofollow”>bitcoin Spot ETF recorded a combined net inflow of $15.7 million on March 25. This represents a positive turn of events after these funds recorded bitcoin-etf-flows/” rel=”nofollow”>negative flows throughout last week. The wave of profit-taking by these bitcoin ETF investors contributed to the btc decline that occurred during that period.
He crypto community They will no doubt be keeping an eye on the flows recorded by these bitcoin Spot ETFs this week as they could give an idea of whether the outlook towards btc has turned bullish again or not. These bitcoin ETFs Now Play a Role bitcoin-etfs-btc-down-20-founder/” rel=”nofollow”>prominent role in the bitcoin ecosystem, considering how much btc these fund issuers accumulate each time there is a bitcoin-etfs-record-2-2-billion-inflow-in-past-week/” rel=”nofollow”>High demand for them.
At the time of writing, bitcoin is trading at around $70,700, up more than 5% in the last 24 hours according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Held-on-Coinbase-Exchange-Hits-9-Year-Low-Can-Bitcoin" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″ loading=”lazy”/>
btc price trending north of $70,000 | Source: BTCUSD on Tradingview.com
Featured image from BBC, chart from Tradingview.com
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