Recent developments have shown that data collected from crypto analytics firm Glassnode This shows the Bitcoins held by Coinbase have reached their lowest level in 9 years. It has increased the likelihood of the flagship crypto Soon enough, we will reach a new high of $75,000.
BTC held on Coinbase drops significantly
Glassnode reported that Coinbase’s Bitcoin balance dropped to 344,856 – a record low for nine years – on March 18th. It is possible that Bitcoin traders are moving their funds to other exchanges. holdings off exchanges Do not sell your Bitcoins immediately, but rather hold them for the future. Such a move would reduce the pressure that Bitcoin is under in the short term and might spark an uptrend for BTC.
While the decline in BTC that Coinbase has seen appears to be a pattern, data You can also find out more about us on our website. market intelligence platform Santiment This data shows a decline in the amount of Bitcoins held by centralized exchanges. The fact that the exchanges are recording more inflows and less outflows recently also supports this data.
Santiment data shows that as of 22 March, the number of BTC held on CEXs was at just under 836,000 BTC. The total amount is 18.82 million BTC. A decline in BTC holdings on exchanges, is certainly a welcomed development. wave of profit-taking.
The bearish sentiment around BTC has been further reinforced by JPMorgan’s theory Bitcoin is overbought. The crypto-token could see further drops in price soon. BTC is now back above $70,000 and many believe that it is only the beginning of a trend upwards that will see BTC reach new heights.
Spot Bitcoin Funds Records Net Inflows
BitMEX Research revealed on X post The word “that” is a phrase that means, “that which”. Spot Bitcoin ETFs The combined net flow of these funds was $15.7 Million on the 25th March. It is a welcome change of direction after the funds were recorded. negative flows Throughout last week. These Bitcoin ETF investors’ wave of profits-taking contributed to the BTC drop that took place during this period.
You can also find out more about the following: crypto community These Spot Bitcoins ETFs will be closely watched this week to see if the outlook for BTC is bullish. They are playing an important role in the market. prominent role Consider how much BTC the fund issuers of Bitcoin accumulate when there’s a change in price. high demand For them.
Bitcoin was trading around $70,000 at the time this article was written, an increase of over 5% within the past 24 hours, according to data CoinMarketCap.
BTC prices trending above $70,000 | Source: BTCUSD on Tradingview.com
Image from BBC and chart from Tradingview.com
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