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Nearly 375k Bitcoin Has Left Coinbase Since April 2020, New Report Reveals
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 Bitcoin outflows.
Reports Shows Bitcoin 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%
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, the chart from TradingView.com
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