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.