Bitcoin Price Surges to $70K amid Coinbase’s 9-Year Low Supply
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Bitcoin Price Surges to $70K amid Coinbase's 9-Year Low Supply
Bitcoin (BTC) has surpassed the $70,000 mark once again, indicating a renewed interest in the cryptocurrency. This rise in price is accompanied by a significant decrease in the supply of Bitcoin on one of the largest cryptocurrency exchanges, Coinbase. On March 18, the amount of Bitcoin held on Coinbase reached its lowest point in nine years, with only 344,856 BTC remaining. This is a clear indication that investors are accumulating Bitcoin, rather than keeping it on exchanges.
Data from Glassnode also shows that the total Bitcoin balance in accumulation addresses has surged to over 3.20 million BTC, approaching a record high. Accumulation addresses refer to wallets that hold over 10 BTC and have no outgoing transactions or links to centralized exchanges or mining firms. This data further supports the notion that investors are actively accumulating Bitcoin.
There has been a significant increase in Bitcoin inflows to accumulation addresses, reaching an all-time high of 25,300 BTC on March 22. This suggests that large investors are confident in Bitcoin’s future and expect further growth, even after the recent downturn from its all-time high.
Notably, the overall Bitcoin reserves on all exchanges have hit their lowest point in three years, with only 1.92 million BTC remaining as of March 25. This indicates a widespread decrease in the supply of Bitcoin across various exchanges.
With Bitcoin supply at historic lows on exchanges and the increasing demand from exchange-traded funds (ETFs), it is likely that the price of Bitcoin will continue to rise. ETFs have already attracted billions of dollars in investments, further driving the demand for Bitcoin.
Bitcoin has surpassed the $70,000 mark and shows signs of continued growth. The supply of Bitcoin on Coinbase has reached a nine-year low, indicating that investors are accumulating the cryptocurrency. The total Bitcoin balance in accumulation addresses has also increased significantly, suggesting that large investors are betting on its future success. With Bitcoin reserves on exchanges at historic lows and growing demand from ETFs, it is expected that the price of Bitcoin will continue to rise.
This surge in price feels like a pump and dump scheme. Buyer beware!
The decrease in overall Bitcoin reserves on exchanges is a clear sign that people are becoming more aware of its value. It’s evident that Bitcoin is cementing its place in the financial world. 🚀💰
Bitcoin’s consistent rise and decreasing supply on exchanges confirm its status as a valuable asset. The future looks bright for this cryptocurrency!
I wouldn’t trust Coinbase with my Bitcoin. Their security concerns make me nervous. 😬
I don’t like how ETFs are driving up the demand for Bitcoin. It feels artificial and unsustainable.
The fact that Bitcoin reserves on exchanges are at their lowest point in three years is a clear indication that hodlers are holding strong. Keep stacking those sats, and let’s ride the wave! 🌊💸
Bitcoin’s price surge and the growing number of accumulation addresses showcase the increasing confidence and interest in this digital currency. The future looks brighter than ever before!
Investors accumulating Bitcoin instead of keeping it on exchanges? That’s a smart move! They must really believe in the future of this cryptocurrency.
I don’t understand the hype around Bitcoin. It seems like a bubble ready to burst.