Bitcoin price reclaims $70K as Coinbase BTC supply hits 9-year low

Bitcoin (BTC) reclaimed the $70,000 mark on March 25 as BTC accumulation has resumed, leading to a 9-year low in Bitcoin supply on the Coinbase cryptocurrency exchange.

BTC supply on Coinbase hits 9-year low

Bitcoin reclaimed the $70,000 mark at 4:47 pm (UTC) for the first time since March 15, according to CoinMarketCap data.

BTC/USDT, 30-minute chart. Source: CoinMarketCap

On the supply side, Bitcoin reserves on Coinbase exchange reached a nine-year low of 344,856 BTC on March 18, showing that investors have resumed accumulating BTC off exchanges.

The last time BTC reserves on Coinbase were at similar lows was in 2015, according to data provider Glassnode.

Bitcoin: balance on exchanges, Source: Glassnode

The total Bitcoin balance in accumulation addresses has also rebounded to over 3.20 million BTC, nearing a record high, according to Glassnode’s chart.

Related: Bitcoin eyes 7-month win streak for the first time

In this case, accumulation addresses are those with over 10 BTC and no outgoing transactions or ties to centralized exchanges and mining firms.

BTC total balance in accumulation addresses, Source: Glassnode

Further showcasing the growing accumulation pattern, Bitcoin inflows to accumulation addresses hit a new all-time high of 25,300 BTC on March 22, according to an X post by verified CryptoQuant author IT Tech.

This suggests that big investors are likely betting on more upside after the recent 15-20% drawdown from the all-time high of around $74,000.

BTC: Inflows to Accumulation Addresses. Source: IT Tech

In total, Bitcoin reserves on all exchanges have hit a three year low of 1.92 million BTC on March 25, according to data by CryptoQuant. In other words, the price of Bitcoin may still have more room to run with BTC supply on exchanges at historic lows and demand from ETFs already attracting billions in inflows. 

Bitcoin Exchange Reserves, All Exchanges. Source: CryptoQuant

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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