{"id":599740,"date":"2024-03-26T19:00:19","date_gmt":"2024-03-26T19:00:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=599740"},"modified":"2024-06-11T07:56:45","modified_gmt":"2024-06-11T07:56:45","slug":"bitcoin-coinbase-9-year-low","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-coinbase-9-year-low\/","title":{"rendered":"Bitcoin Held On Coinbase Exchange Reach 9-Year Low, Can Bitcoin Reach $75,000?"},"content":{"rendered":"

In a recent development, data from <\/span>crypto analytics firm Glassnode<\/span><\/a> shows that the amount of Bitcoin held on Coinbase has reached a 9-year low. This has raised the possibility of the <\/span>flagship crypto<\/span><\/a> rising to a new all-time high (ATH) of $75,000 soon enough.\u00a0<\/span><\/p>\n

BTC Held On Coinbase Drops Significantly\u00a0<\/span><\/h2>\n

According to Glassnode, the Bitcoin balance on Coinbase dropped to a nine-year low of 344,856 on March 18. This suggests that Bitcoin investors are choosing to move their <\/span>holdings off exchanges<\/span><\/a> and hold for the long term rather than sell anytime soon. A move like this reduces the short-term pressure on Bitcoin and could spark an upward trend in BTC’s price.\u00a0<\/span><\/p>\n

Related Reading: Why Is The Price Of LUNC And USTC Up Today?<\/a><\/div>\n

Meanwhile, the drop in BTC held on Coinbase looks to be a trend, with <\/span>data<\/span><\/a> from <\/span>market intelligence platform Santiment<\/span><\/a> showing a drop in the total amount of Bitcoin held on centralized exchanges (CEXs). This data is also supported by the fact that these exchanges have recorded more outflows than inflows lately.\u00a0<\/span><\/p>\n

Further data from Santiment also shows that the supply on exchanges as of March 22 stood at just over 836,000 BTC compared to the 18.82 million BTC that resides out of these CEXs. The decline in the number of BTC held on exchanges is undoubtedly a welcome development, considering how the flagship crypto token has recently been plagued with a <\/span>wave of profit-taking<\/span><\/a>.\u00a0<\/span><\/p>\n

Before now, the bearish sentiment surrounding BTC was further strengthened by <\/span>JPMorgan\u2019s theory<\/span><\/a> that Bitcoin was overbought and that the crypto token could experience further price declines soon enough. However, with BTC back over $70,000, there is the belief that this is just the beginning of an upward trend that could see it reach new highs.\u00a0<\/span><\/p>\n

Spot Bitcoin ETFs Record Net Inflows<\/h2>\n

BitMEX Research revealed in an X (formerly Twitter) <\/span>post<\/span><\/a> that the <\/span>Spot Bitcoin ETFs<\/span><\/a> recorded a combined net inflow of $15.7 million on March 25. This represents a positive turn of events after these funds recorded <\/span>negative flows<\/span><\/a> throughout last week. The wave of profit-taking by these Bitcoin ETF investors contributed to the BTC dip that occurred during that period.\u00a0<\/span><\/p>\n

Related Reading: 7 Days Of Crypto: Key Events That You Should Keep An Eye On This Week<\/a><\/div>\n

The <\/span>crypto community<\/span><\/a> will no doubt keep their eyes on the flows recorded by these Spot Bitcoin ETFs this week as they could give an idea of whether or not the outlook towards BTC has become bullish again. These Bitcoin ETFs now play a <\/span>prominent role<\/span><\/a> in the Bitcoin ecosystem, considering how much BTC these fund issuers accumulate whenever there is a <\/span>high demand<\/span><\/a> for them.\u00a0<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $70,700, up over 5% in the last 24 hours according to <\/span>data<\/span><\/a> from CoinMarketCap.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price trending north of $70,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from BBC, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
In a recent development, data from crypto analytics firm Glassnode shows that the amount of Bitcoin held on Coinbase has reached a 9-year low. This has raised the possibility of the flagship crypto rising to a new all-time high (ATH) of $75,000 soon enough.\u00a0 BTC Held On Coinbase Drops Significantly\u00a0 According to Glassnode, the Bitcoin balance on Coinbase dropped to a nine-year low of 344,856 on March 18. This suggests that Bitcoin investors are choosing to move their holdings off exchanges and hold for the long term rather than sell anytime soon. A move like this reduces the short-term pressure on Bitcoin and could spark an upward trend in BTC’s price.\u00a0 Related Reading: Why Is The Price Of LUNC And USTC Up Today? Meanwhile, the drop in BTC held on Coinbase looks to be a trend, with data from market intelligence platform Santiment showing a drop in the total amount of Bitcoin held on centralized exchanges (CEXs). This data is also supported by the fact that these exchanges have recorded more outflows than inflows lately.\u00a0 Further data from Santiment also shows that the supply on exchanges as of March 22 stood at just over 836,000 BTC compared to the 18.82 million BTC that resides out of these CEXs. The decline in the number of BTC held on exchanges is undoubtedly a welcome development, considering how the flagship crypto token has recently been plagued with a wave of profit-taking.\u00a0 Before now, the bearish sentiment surrounding BTC was further strengthened by JPMorgan\u2019s theory that Bitcoin was overbought and that the crypto token could experience further price declines soon enough. However, with BTC back over $70,000, there is the belief that this is just the beginning of an upward trend that could see it reach new highs.\u00a0 Spot Bitcoin ETFs Record Net Inflows BitMEX Research revealed in an X (formerly Twitter) post that the Spot Bitcoin ETFs recorded a combined net inflow of $15.7 million on March 25. This represents a positive turn of events after these funds recorded negative flows throughout last week. The wave of profit-taking by these Bitcoin ETF investors contributed to the BTC dip that occurred during that period.\u00a0 Related Reading: 7 Days Of Crypto: Key Events That You Should Keep An Eye On This Week The crypto community will no doubt keep their eyes on the flows recorded by these Spot Bitcoin ETFs this week as they could give an idea of whether or not the outlook towards BTC has become bullish again. These Bitcoin ETFs now play a prominent role in the Bitcoin ecosystem, considering how much BTC these fund issuers accumulate whenever there is a high demand for them.\u00a0 At the time of writing, Bitcoin is trading at around $70,700, up over 5% in the last 24 hours according to data from CoinMarketCap. BTC price trending north of $70,000 | Source: BTCUSD on Tradingview.com Featured image from BBC, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":599759,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6031,537,656,679,1119,89185,1122,1144,78790,1393,15524],"class_list":["post-599740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-coinbase","tag-bitcoin-exchanges","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-coinbase","tag-coinbase-news"],"acf":[],"yoast_head":"\nBitcoin Held On Coinbase Exchange Reach 9-Year Low, Can Bitcoin Reach $75,000?<\/title>\n<meta name=\"description\" content=\"In a recent development, data from crypto 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Held On Coinbase Exchange Reach 9-Year Low, Can Bitcoin Reach $75,000?","url":"http:\/\/uniquehot.com\/news\/bitcoin-coinbase-9-year-low\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-coinbase-9-year-low\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/Bitcoin_a00b3a.jpeg?resize=200%2C168","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/Bitcoin_a00b3a.jpeg?fit=300%2C168"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin coinbase","bitcoin exchanges","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","coinbase","coinbase news"],"dateCreated":"2024-03-26T19:00:19Z","datePublished":"2024-03-26T19:00:19Z","dateModified":"2024-06-11T07:56:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Held On Coinbase Exchange Reach 9-Year Low, Can Bitcoin Reach $75,000?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-coinbase-9-year-low\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-coinbase-9-year-low\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Bitcoin_a00b3a.jpeg?resize=200%2C168\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Bitcoin_a00b3a.jpeg?fit=300%2C168\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin coinbase\",\"bitcoin exchanges\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"coinbase\",\"coinbase news\"],\"dateCreated\":\"2024-03-26T19:00:19Z\",\"datePublished\":\"2024-03-26T19:00:19Z\",\"dateModified\":\"2024-06-11T07:56:45Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/Bitcoin_a00b3a.jpeg?fit=300%2C168","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/599740"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=599740"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/599740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/599759"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=599740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=599740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=599740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}