The amount of Bitcoin available on cryptocurrency exchange Coinbase is currently at a nine-year low as the price of the cryptocurrency rises and touches $70,000 once more.
On March 25, when BTC accumulation picked up again, the price of Bitcoin recovered beyond $70,000, reaching a nine-year low on the Coinbase cryptocurrency exchange.
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According to CoinMarketCap data, at 4:47 p.m. UTC, Bitcoin recovered the $70,000 level for the first time since March 15.
Regarding supply, Coinbase’s Bitcoin reserves hit a nine-year low of 344,856 BTC on March 18, indicating that investors are once again building up their holdings outside of exchanges.
The data company Glassnode claims that in 2015, Coinbase’s BTC reserves were last this low.
In terms of supply, on March 18, Coinbase’s Bitcoin reserves fell to a nine-year low of 344,856 BTC, suggesting that investors are accumulating more cryptocurrency outside of exchanges once more.
The last time Coinbase’s Bitcoin reserves were this low was in 2015, according to data firm Glassnode.
Assemblage addresses in this instance are those with more than 10 BTC, no outgoing transactions, and no connections to mining companies or centralised exchanges.
This implies that large investors are probably placing bets on further gains following the 15% – 20% decline from the record high of about $74,000.
“As highlighted by data from CryptoQuant, the recent decline in total Bitcoin reserves across exchanges to 1.92 million BTC on March 25 marks a significant three-year low. When we consider this alongside the surging popularity of exchange-traded funds (ETFs) attracting billions of dollars, it becomes evident that the current scarcity of Bitcoin available on exchanges may indeed fuel further price appreciation. This confluence of dwindling exchange reserves and increasing institutional interest suggests that the cryptocurrency’s value trajectory may have yet to reach its zenith.”
Coinbase, one of the leading cryptocurrency exchanges globally, has recently witnessed a significant decline in its Bitcoin (BTC) supply, hitting a nine-year low.
This remarkable reduction underscores a broader trend in the cryptocurrency market, where the accumulation of BTC by institutional investors and long-term holders has intensified.
As Bitcoin’s scarcity becomes increasingly apparent, driven in part by entities like Coinbase holding onto their reserves, it further solidifies the narrative of Bitcoin as a hedge against inflation and a store of value akin to digital gold.
The diminishing supply on Coinbase’s platform reflects a growing confidence in Bitcoin’s long-term prospects among investors who are opting to hold rather than trade, potentially signaling a maturation of the market and a shift towards a more pronounced hodling culture.
This milestone in Coinbase’s BTC reserves not only underscores the platform’s evolving role within the cryptocurrency ecosystem but also serves as a testament to Bitcoin’s growing mainstream acceptance.
With institutional players increasingly recognizing Bitcoin’s value proposition, the dwindling supply on Coinbase’s exchange indicates a broader paradigm shift towards Bitcoin being seen as a strategic asset rather than merely a speculative tool.
This trend could have significant implications for the cryptocurrency market, potentially contributing to further price appreciation as scarcity increases.
Additionally, it highlights the importance of exchanges like Coinbase not only as trading platforms but also as custodians of digital assets, playing a pivotal role in shaping the landscape of the cryptocurrency industry as it continues to mature.
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