Bitcoin price reclaims $70K as Coinbase BTC supply hits 9-year low

cyptouser4 months agoCryptocurrencies News88
25cc9d4a>

Bitcoin (BTC) reclaimed the $70,000 mark on March 25 as BTC accumulation resumed, leading to a nine-year low in Bitcoin supply on the Coinbase cryptocurrency exchange.

BTC supply on Coinbase hits nine-year low

Bitcoin reclaimed the $70,000 mark at 4:47 pm UTC for the first time since March 15, according to CoinMarketCap data.

BTC/USDT, 30-minute chart. Source: CoinMarketCap

On the supply side, Bitcoin reserves on Coinbase reached a nine-year low of 344,856 BTC on March 18, showing that investors have resumed accumulating BTC off exchanges.

The last time BTC reserves on Coinbase were at similar lows was in 2015, according to data provider Glassnode.

Bitcoin balance on Coinbase. Source: Glassnode

The total Bitcoin balance in accumulation addresses has also rebounded to over 3.2 million BTC, nearing a record high, according to Glassnode’s chart.

Related: Bitcoin eyes 7-month win streak for the first time

In this case, accumulation addresses are those with over 10 BTC and no outgoing transactions or ties to centralized exchanges and mining firms.

BTC total balance in accumulation addresses, Source: Glassnode

Further showcasing the growing accumulation pattern, Bitcoin inflows to accumulation addresses hit a new all-time high of 25,300 BTC on March 22, according to an X post by verified CryptoQuant author IT Tech.

This suggests that big investors are likely betting on more upside after the recent 15%–20% drawdown from the all-time high of around $74,000.

BTC inflows to accumulation addresses. Source: IT Tech

In total, Bitcoin reserves on all exchanges hit a three-year low of 1.92 million BTC on March 25, according to data by CryptoQuant. In other words, the price of Bitcoin may still have more room to run, with BTC supply on exchanges at historic lows and demand from exchange-traded funds (ETFs) already attracting billions in inflows. 

Bitcoin exchange reserves, all exchanges. Source: CryptoQuant

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Australia’s top exchange may approve spot Bitcoin ETFs this year: Report

Australia’s top exchange may approve spot Bitcoin ETFs this year: Report

55966e89˃Australia’s largest stock exchange — the Australian Securities Exchange (ASX) — could green...

Ethereum could fall 30% after spot ETH ETFs launch — Crypto VC

Ethereum could fall 30% after spot ETH ETFs launch — Crypto VC

55966e89˃Ether (ETH) could tumble to as low as $2,400 after the launch of spot Ether exchange-traded...

US Treasurys tokenized on public blockchains top $1B

US Treasurys tokenized on public blockchains top $1B

25cc9d4a˃United States Treasurys tokenized on public blockchains surpassed $1 billion as traditional...

Bitcoin price 'clusters' hint at more downside: Is BTC about to lose $64K support?

Bitcoin price 'clusters' hint at more downside: Is BTC about to lose $64K support?

55966e89˃Based on the price action clusters above the $71,600 mark, Bitcoin’s (BTC) price could be o...

Bitcoin breaks 18-month hashrate uptrend: Are BTC miners capitulating?

Bitcoin breaks 18-month hashrate uptrend: Are BTC miners capitulating?

55966e89˃Bitcoin’s hashrate has broken down from an 18-month uptrend, suggesting the start of a pote...

BlackRock's Bitcoin ETF hits 6-week inflow high amid early-week BTC rally

BlackRock's Bitcoin ETF hits 6-week inflow high amid early-week BTC rally

55966e89˃BlackRock’s spot Bitcoin (BTC) exchange-traded fund (ETF) made up 95% of the total inflow i...