In a recent development, data from crypto analytics company Glassnode shows that the amount of Bitcoin held on Coinbase has reached a 9-year low. This raised the possibility that the main encryption rising to a new all-time high (ATH) of $75,000 soon.
BTC held on Coinbase drops significantly
According to Glassnode, Bitcoin balance on Coinbase dropped to a nine-year low of 344,856 on March 18. exchange holdings and hold for the long term rather than selling too soon. A move like this reduces short-term pressure on Bitcoin and could trigger an uptrend in the price of BTC.
Meanwhile, the drop in BTC held on Coinbase appears to be a trend, with data in Santiment market intelligence platform 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 seen more outflows than inflows lately.
Additional data from Santiment also shows that supply on exchanges on March 22 was just over 836,000 BTC, compared to the 18.82 million BTC residing in these CEXs. The decline in the number of BTC held on exchanges is undoubtedly a welcome development considering how the leading crypto token was recently affected by a wave of profit taking.
So far, the bearish sentiment around BTC has been further strengthened by JPMorgan Theory that Bitcoin was overbought and that the cryptographic token could soon experience further price drops. However, with BTC surpassing $70,000, it is believed 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) publish that the Spot Bitcoin ETFs recorded a combined net inflow of US$15.7 million on March 25. This represents a positive turnaround after these funds recorded negative flows all last week. The wave of profit-taking by these Bitcoin ETF investors contributed to the BTC crash that occurred during this period.
O crypto community will no doubt be keeping an eye on the flows recorded by these Spot Bitcoin ETFs this week as they may give an idea of whether the outlook towards BTC has become bullish again or not. These Bitcoin ETFs Now Play a Role 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 more than 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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