Bitcoin Balance on Coinbase Drops
Glassnode data shows that the amount of Bitcoin held on Coinbase has dropped to a nine-year low of 344,856. This suggests that investors are holding their Bitcoin for the long term, reducing the pressure on its price.
Centralized Exchange Outflows
Data from Santiment indicates a drop in Bitcoin held on centralized exchanges (CEXs). This trend is supported by increased outflows from these exchanges.
Positive Outlook
Despite recent profit-taking, Bitcoin has recovered to over $70,000. The decline in exchange holdings and net inflows into Spot Bitcoin ETFs suggest a potential upward trend.
Spot Bitcoin ETFs
Spot Bitcoin ETFs recorded a net inflow of $15.7 million on March 25, indicating a shift towards a more bullish outlook. These ETFs play a significant role in the Bitcoin ecosystem, accumulating BTC during periods of high demand.
Current Price
At the time of writing, Bitcoin is trading around $70,700, up over 5% in the last 24 hours.
