Bitcoin reached its highest point since March 15 as it recovered the $70,000 level.
The last time Coinbase’s Bitcoin holdings were this low was in 2015.
Bitcoin (BTC) accumulation is showing resurgence and has caused the supply of Bitcoin on crypto exchange Coinbase to hit a nine-year low and recapture the $70,000 threshold. On March 25, Bitcoin reached its highest point since March 15 as it recovered the $70,000 level, according to statistics from CoinMarketCap.
In terms of supply, investors have begun buying Bitcoin from exchanges, as Coinbase’s reserves hit a nine-year low of 344,856 BTC on March 18.
Investors Holding BTC
According to data source Glassnode, the last time Coinbase’s Bitcoin holdings were this low was in 2015. A record high of over 3.2 million BTC has been reached in accumulation addresses, as revealed by Glassnode’s data. Here, an accumulation address is one that has more than 10 BTC but does not have any connections to centralized exchanges, mining companies, or outbound transactions.
According to an X post by verified CryptoQuant contributor IT Tech, Bitcoin inflows to accumulation addresses reached a new all-time high of 25,300 BTC on March 22, further demonstrating the rising accumulation tendency. This indicates that large-scale investors are probably holding out for more gains after the 15%-20% decline from the all-time high of over $74,000.
According to statistics provided by CryptoQuant, the total amount of Bitcoin held by all exchanges reached a three-year low of 1.92 million BTC on March 25. As a result of demand from exchange-traded funds (ETFs) drawing billions of dollars in inflows and Bitcoin supply on exchanges reaching record lows, the price of Bitcoin may still have more fuel left.