2024-03-25 19:33:57
The Bitcoin price crossed the $70,000 level again on March 25 (currently: BTC Price ), as the demand for BTC picked up again. So much so that the supply of Bitcoin on Coinbase’s crypto exchange reached a nine-year low. Bitcoin crossed the $70,000 mark again on March 25 for the first time since March 15, according to data from CoinMarketCap. On the supply side, the dynamics are clearly visible, as on March 18, the amount of supply available on the Coinbase platform dropped to a nine-year low of 344,856 BTC. And this shows that investors have started to accumulate BTC again outside of centralized exchanges. The Glassnode according to your data the last time Coinbase’s BTC reserves were at a similar low was in 2015.
By all metrics, Bitcoin hoarding is strong
Glassnode’s graph shows that the amount of total Bitcoins in aggregator addresses has also risen above 3.2 million BTC, which is close to a record level. Accumulator addresses in this interpretation are those that have more than 10 BTC. And there are no outbound transactions or connections to centralized exchanges and mining companies.
The gathering, hoarding trend is well illustrated by the fact that the influx of Bitcoin to hoarding addresses reached a new all-time high of 25,300 BTC on March 22, according to an X-post. This suggests that large investors are likely to bet on further price increases after the price has recently fallen around 20% from its all-time high of around $74,000.
According to data from CryptoQuant, on March 25, Bitcoin reserves across all centralized exchanges fell to a three-year low of 1.92 million BTC. So the price of bitcoin still has room to move. Given, stocks are at record lows. While demand for exchange-traded funds (ETFs) is already generating billions in inflows. It’s no wonder that Robert Kiyosaki has just suggested that anyone who can should buy bitcoin.
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