Bitcoin held on Coinbase exchange hits 9-year low. Can Bitcoin Reach $75,000? — TradingView News

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 that the flagship crypto will soon rise to a new all-time high (ATH) of $75,000.

The BTC held on Coinbase is falling significantly

According to Glassnode, the Bitcoin balance on Coinbase fell to a nine-year low of 344,856 on March 18. This suggests that Bitcoin investors are choosing to remove their holdings from exchanges and hold them for the long term rather than selling them in the foreseeable future. Such a move relieves short-term pressure on Bitcoin and could trigger an uptrend in BTC price.

Meanwhile, the decline in BTC held on Coinbase appears to be a trend, with data from market research platform Santiment showing a decline in the total amount of Bitcoin held on centralized exchanges (CEXs). This data is also supported by the fact that these exchanges have recently seen more outflows than inflows.

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 held on these CEXs. The decline in the number of BTC held on exchanges is undoubtedly a welcome development, considering the flagship crypto token has been plagued by a wave of profit-taking recently.

Previously, the pessimistic sentiment surrounding BTC was further reinforced by JPMorgan's theory that Bitcoin is overbought and the crypto token could soon see further price declines. However, with BTC back above $70,000, there is a belief that this is just the beginning of an uptrend that could lead to new highs.

Spot Bitcoin ETFs are seeing net inflows

BitMEX Research revealed in an X (formerly Twitter) post that 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 saw negative inflows last week. The wave of profit-taking by these Bitcoin ETF investors contributed to BTC's decline during this period.

The crypto community will no doubt be keeping an eye on the flows recorded by these spot Bitcoin ETFs this week, as they could provide a glimpse into whether or not BTC's outlook has turned bullish again. These Bitcoin ETFs are now playing a prominent role in the Bitcoin ecosystem, considering how much BTC these fund issuers accumulate when there is high demand for them.

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.

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