TL;DR
- Bitcoin reclaims $70,000 mark as BTC accumulation resumes.
- BTC reserves on the Coinbase exchange hit a nine-year low.
- Large investors accumulate a significant amount of Bitcoin, with an accumulation of over 50,000 BTC in a single day.
In a surprising move for traders, Bitcoin (BTC) has once again surpassed $70,000, evidencing renewed interest in the leading cryptocurrency.
This price rally has been attributed to significant BTC hoarding by key investors, which has led to a significant decrease in the supply available on the Coinbase exchange.
🐳📈 #Bitcoin has just caught traders off guard (as usual) with a huge rebound ascension to $70K. Why? Key #Bitcoin stakeholders had one of their single largest accumulation days in years.
🔼51,959 collective #Bitcoin were accumulated by wallets that hold between 10-10K $BTC on… pic.twitter.com/vT4fRUVYs7
— Santiment (@santimentfeed) March 25, 2024
The Bitcoin reserve on Coinbase has reportedly reached its lowest level in nine years, with only 344,856 BTC available as of March 18.
Bitcoin has reached an impressive value of $70,745.17, registering an increase of 8.89% in the last 24 hours, according to data from CoinMarketCap.
This decrease in supply on the exchange suggests that investors are withdrawing Bitcoin for long-term holding, rather than using it for short-term trading.
The highlight of this accumulation trend is the fact that in a single day, wallets holding between 10 and 10,000 Bitcoin collectively accumulated 51,959 BTC.
strong support from large Bitcoin investors
The magnitude of this accumulation indicates strong support from large investors, who are likely anticipating a continued rise in the price of BTC in the near future.
As we approach the final three weeks before the halving, scheduled for April 19, this accumulation trend is expected to continue.
The halving has historically been a bullish event for BTC, as it reduces the rate of issuance of new coins, potentially increasing their scarcity and perceived value.
However, despite the accumulation of BTC, it is important to highlight the need to maintain a proper balance between investing in cryptocurrencies and holding assets in stablecoins such as USDT and USDC.
These stablecoins provide liquidity and flexibility to exchange for other cryptocurrencies when necessary, helping to maintain market stability.
The combination of strong BTC accumulation, declining supply on exchanges, and the proximity of the halving suggests a bullish outlook for the leading cryptocurrency.
However, it is essential to maintain a balanced investment strategy to ensure long-term market stability and liquidity.
