In an intriguing turn, recent information supplied by cryptocurrency analytic firm, Glassnode, points to a marvelous and unexpected development: Bitcoin holdings on Coinbase have dipped to a low unseen in the past nine years. This dwindling quantity brings to light the tantalizing prospect of the eminent crypto currency, Bitcoin, potentially soaring to the new untouched threshold of $75,000 — an All-Time High.
Glassnode reveals that the Bitcoin count on Coinbase slots to a bottom-scraping nine-year nadir of 344,856 as of March 18. Interpreting this, it’s evident that investors of the renowned crypto currency discern a brighter picture in transferring their valuable holdings off trades instead of disposing them lightly. This strategy could potentially douse the short-term volatility converging Bitcoin, and in turn, initiate a bullish trend in Bitcoin’s price.
This slide in the Bitcoin quantity accommodated by Coinbase doesn’t seem to be a flash in the pan but a trending phenomenon in the market. Corroborating this, data revealed by market intelligence platform Santiment depicts a plummet in the total sum of Bitcoin retained on Centralized Exchanges (CEXs), reinforcing the notion of more outflows than inflows pulsating these platforms in recent times.
Notably, Santiment also provides data to show that the Bitcoin reservoir on exchanges fell to a trifling 836,000 BTC, as of March 22, amidst the massive 18.82 million BTC held outside these CEXs. This slip in Bitcoin count held on exchanges, to the delight of many, indicates a healthy uptrend, especially given the recent pressure faced by the leading crypto token due to aggressive profit-booking.
In the past, sentiments surrounding Bitcoin’s performance appeared bearish, with JPMorgan’s theory contending that Bitcoin was overpriced and could potentially tumble to lower ranks. However, as Bitcoin makes a triumphant return to the $70,000 band, beliefs have reignited with the tantalizing possibility of forthcoming upward surges to hit unprecedented heights.
In unison to the upbeat trend, BitMEX Research released information about the Spot Bitcoin ETFs noting a consolidated net inflow of $15.7 million on March 25, a promising turnaround after a long period of negative flows. The surge of profit-taking by the Bitcoin ETF investors, it seems, had led to bearish sentiments of BTC in the preceding days.
Certainly, the crypto community will have their gaze firmly fixed on the monetary flows displayed by the Spot Bitcoin ETFs, as their records will provide insights into the overall sentiment towards Bitcoin – bearish or bullish. Given the significant role these Bitcoin ETFs play in the Bitcoin microcosm, the amount of BTC they soak up when demand rises is considerable.
As of now, Bitcoin is enjoying an encouraging climb, trading at about $70,700, marking an impressive increase of over 5% during the last 24 hours, according to numbers from CoinMarketCap. Traders and spectators alike are eying future trends that may see Bitcoin rising above $70,000.
