Recent data from crypto experts Glassnode reveals a startling trend: Bitcoin reserves on Coinbase have hit their lowest point in nine years! What does this mean for the future of Bitcoin and its potential to hit record-breaking highs?
Here's the scoop: On March 18, Glassnode reported that Bitcoin holdings on Coinbase plummeted to just 344,856. This suggests a major shift among investors who are opting to stash their BTC for the long haul rather than selling off anytime soon. This move not only eases short-term pressure on Bitcoin but could also kickstart a surge in its price.
But wait, there's more! It's not just Coinbase feeling the heat. Data from Santiment indicates a broader trend of decreasing Bitcoin reserves across centralized exchanges. In fact, these platforms have seen more outflows than inflows recently.
As of March 22, Santiment reports that exchanges hold just over 836,000 BTC, compared to the whopping 18.82 million BTC held outside these platforms. This decline in exchange reserves is a welcome sign, especially after a wave of profit-taking shook the Bitcoin market.
And remember those doomsday predictions? JPMorgan's warnings about Bitcoin being overbought? Well, with BTC now back over $70,000, it seems the tide may be turning. Many are hopeful that this marks the start of a bullish trend that could propel Bitcoin to new heights.
In other news, Spot Bitcoin ETFs saw a significant turnaround on March 25, with a combined net inflow of $15.7 million. This shift comes after a week of negative flows contributed to a dip in BTC prices. Keep an eye on these ETFsâthey often signal market sentiment and could hint at whether Bitcoin's outlook has turned bullish once again.
As of now, Bitcoin is trading at around $70,700, up over 5% in the last 24 hours. Stay tuned as the crypto rollercoaster continues its wild ride!