Nearly 375k BTC Has Left Coinbase Since April 2020, New Report Reveals
15 Marzo 2022 - 11:00AM
NEWSBTC
The overall balance on Coinbase, the publicly traded digital
exchange, has dropped by about 36.6 percent in the last 24 months
due to huge BTC outflows. Reports Shows BTC Exchange Supply Has
Decreased The overall Bitcoin balance on Coinbase has reached
roughly 650,000 coins, according to Glassnode, a notable on-chain
analytics platform, compared to an all-time high of 1,025k BTC in
April 2020. Coinbase’s balance has dropped by about 30k BTC in the
last week. Since April 2020, bitcoin outflows from digital asset
trading platforms have been increasing. In the last two years, the
quantity of BTC on exchanges has decreased dramatically. Glassnode
mentioned in its weekly on-chain analysis report: “This outflow has
dropped the total balance held on Coinbase to 649.5k BTC, bringing
it back to levels last seen at the 2017 bull market top. The total
Bitcoin balance held by Coinbase has now declined by 375.5k BTC
(36.6%) from the ATH reached in April 2020. Large outflows like
this one are actually part of a consistent trend in the Coinbase
balance, which has been stair-stepping downwards over the last two
years.” Nearly 10.8% of the active Bitcoin supply is now held by
crypto exchanges throughout the world, the lowest amount in the
last three years. Over the last year, the supply has decreased by
more than 3%. On the other side, BTC’s illiquid supply has risen to
76 percent, the highest level in ten months. Glassnode stated the
following while discussing current market dynamics and BTC’s price
action: “Bitcoin prices continue to consolidate this week,
compressing into an increasingly tight range between a low of
$37,274, and a high of $42,455. As was covered in the previous
edition, the market currently exists in a delicate balance, amidst
a backdrop of high macro and geopolitical uncertainty playing out
on the global stage.” Related Reading | Russian Cryptocurrency
Volumes Across Several Exchanges Dip By 50% Price Falls Bitcoin
(BTC) had another brief short squeeze overnight on March 15, with
bulls aiming to break through the $40,000 resistance level. Massive
liquidity exists above the $45K resistance level, as well as below
the $34K support zone, based on market behavior throughout this
period, as seen below. Before a possible healthy surge, the market
normally absorbs the liquidity. The market is nervous ahead of
tomorrow’s FOMC meeting, which will make important decisions about
interest rates and the growth/printing of the US money supply.
BTC/USD month chart. Source: TradingView If the direction is
upward, the first big barrier is the marked descending trendline
seen on the RSI indicator; conversely, if the direction is
downward, the first major resistance is the marked descending
trendline shown on the RSI indicator (the lower section of the
following chart). As a result of the recent squeeze higher, data
from on-chain monitoring resource Coinglass showed minor shakeouts
– BTC liquidations totaled $47 million over 24 hours. Crypto
liquidations chart. Source: Coinglass The price movement, based on
the daily close, also put an end to prospects of a more optimistic
outcome. Related Reading | Bitcoin MPI Rises To Highest Value Since
March 2021, Bull Rally Soon? Featured image from Admiral Markets,
chart from TradingView.com
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