Bitcoin

Bitcoin holdings on the Coinbase cryptocurrency exchange have plummeted to their lowest level in nine years, as a substantial portion of assets are being transferred off the platform. 
A report from <a href="https://cryptoquant.com/insights/quicktake/65d38bce03a6647b119146c2-Whales-withdraw-almost-US1-billion-in-Bitcoin-from-Coinbase?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=caueconomy" rel="nofollow noopener" target="_blank">CryptoQuant</a> highlights that over the weekend, whales moved 18,000 Bitcoin, valued at nearly $1 billion, away from <a href="https://crypto.ro/en/exchange/gdax">Coinbase</a>, with individual transfers ranging between $45 million and $171 million. This leaves Coinbase’s public order book with approximately 394,000 BTC, currently valued at an estimated $20.5 billion. 
<img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-02/75023575-78dc-4753-94f8-2222c8a1e50f.jfif" alt="75023575 78dc 4753 94f8 2222c8a1e50f" title="Bitcoin holdings on Coinbase hit nine-year low amidst whale transfers 2"> 
The withdrawal of significant Bitcoin amounts from centralized exchanges like Coinbase is often interpreted as a bullish indicator, suggesting that less Bitcoin is available for sale on the open market. 
However, the community is split regarding the implications of this mass transfer. Some speculate that these funds are being relocated to custodial wallets in anticipation of a price increase, especially with the Bitcoin halving event, known for creating supply shocks, just two months away. Others suggest that these assets might be allocated for liquidity in over-the-counter (OTC) trades. 
Further discussion among observers points to the possibility that these funds are being transferred to another custodian, indicating that these are not individual withdrawals. This perspective emphasizes that a significant portion of the holdings on exchanges does not belong to individual investors, suggesting the actual number of user-owned Bitcoin on exchanges could be much lower. 
The upcoming Bitcoin halving event in April, expected at block height 740,000, will cut the block reward from 6.25 BTC to 3.125 BTC, exacerbating the supply crunch as the creation of new BTC halves while demand, particularly from institutions, continues to rise. This halving coincides with a surge in institutional interest, evidenced by the approval of 11 spot Bitcoin ETFs in January. 
With approximately 900 BTC currently mined daily and Bitcoin ETFs seeing a net inflow of about half a billion dollars or around 9,650 BTC daily, the post-halving period is set to reduce the daily BTC production to about 450 BTC. This anticipated supply-demand imbalance has historically been a bullish sign for Bitcoin’s price, which has often reached new all-time highs within a year following past halvings. 
Bitcoin’s price has recently surpassed $52,000, marking its highest point since December 2021 and only a 25% decrease from its all-time high of approximately $69,000.

Bitcoin holdings on Coinbase hit nine-year low amidst whale transfers

crypto.ro global

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