Key Points
- Bitcoin (BTC) has crossed the $70,000 threshold again as accumulation recommences, leading to a 9-year supply low on the Coinbase exchange.
- Bitcoin reserves on all exchanges have reached a three-year low, suggesting potential for further price increases.
Bitcoin (BTC) has once again surpassed the $70,000 mark on March 25. This comes as accumulation of the cryptocurrency has started up again, resulting in a 9-year low in supply on the Coinbase platform.
Bitcoin Supply Hits a 9-Year Low on Coinbase
At 4:47 pm (UTC), Bitcoin reclaimed the $70,000 mark for the first time since March 15. This was based on data from CoinMarketCap.
On the supply front, Bitcoin reserves on the Coinbase platform dropped to a nine-year low of 344,856 BTC on March 18. This indicates that investors have started accumulating Bitcoin off exchanges again. The last time Bitcoin reserves on Coinbase were this low was in 2015.
Accumulation Addresses on the Rise
The total Bitcoin balance in accumulation addresses has also bounced back to over 3.20 million BTC, nearing a record high. Accumulation addresses refer to those with over 10 BTC and no outgoing transactions or connections to centralized exchanges and mining firms.
This increase in accumulation addresses suggests that large investors are likely betting on more gains following the recent 15-20% drop from the all-time high of approximately $74,000.
In total, Bitcoin reserves on all exchanges have reached a three-year low of 1.92 million BTC on March 25. This implies that the Bitcoin price may still have more room to grow, given the historic lows in BTC supply on exchanges and the already significant demand from ETFs.
