United

Bitcoin ETF

Bank AI

Bitcoin

Standard

The cryptocurrency market experienced a seismic shift as Bitcoin (BTC) exchange supply plummeted to an all-time low, with about 58,000 BTC withdrawn from Coinbase, one of the leading cryptocurrency exchanges. 
<h2 id="b-bitcoin-exchange-supply-on-the-decline-b">Bitcoin Exchange Supply on the Decline&nbsp;</h2> 
According to <a href="https://www.coinglass.com/Balance">Coinglass</a>, Bitcoin held by crypto exchange dropped to $1.79 billion on Friday, March 23, marking its lowest in about four years. This development has injected a new wave of optimism into the cryptosphere as investors maintain their bullish stance.&nbsp; 
The recent major rebound in BTC price was caused by a significant withdrawal of BTC from Coinbase. This led to a supply shock, increasing its scarcity. Additionally, the movement of assets off exchanges indicates investors’ holding strategy which has become a trend since the rise of spot Bitcoin Exchange-Traded Funds (ETFs).&nbsp; 
<h2 id="b-bitcoin-s-trajectory-in-2025-b">Bitcoin’s Trajectory in 2025</h2> 
Recall that a few days ago, <a href="https://thecoinrise.com/bitcoin-price-standard-chartered-sets-year-end-target-at-150k/">Standard Chartered Bank revised its Bitcoin prediction target</a>, raising it to $150,000 by the end of the year, up from its <a href="https://thecoinrise.com/standard-chartered-predicts-bitcoin-at-120k-by-2024-end/">previous estimate between $100,000 and $120,000</a>. The analysts clarified that for BTC to reach the 20% allocation suggested by portfolio optimization, its price would have to increase to $190,000, assuming the gold price remains constant. 
The current price of Bitcoin is hovering <a href="https://coinmarketcap.com/currencies/bitcoin/">around the $67,122.09 mark</a>. Yet, the4 bank anticipates Bitcoin could exceed this goal if spot Bitcoin ETF inflows meet their estimated midpoint of $75 billion or if foreign exchange reserve managers start acquiring Bitcoin. Under these circumstances, analysts envision Bitcoin’s price could potentially hit $250,000 sometime in 2025. 
<h2 id="b-bitcoin-halving-event-to-catalyze-price-surge-b">Bitcoin Halving Event to Catalyze Price Surge</h2> 
Now that Bitcoin ETFs for spot Bitcoin are live in the United States, investors are waiting for the <a href="https://thecoinrise.com/top-analyst-predicts-impact-of-spot-bitcoin-etf-on-price/">next possibly favorable event that will boost the crypto market</a>. A pivotal event on the horizon is the<a href="https://thecoinrise.com/2024-halving-to-usher-bitcoin-bull-market-monero-and-rebel-satoshi-rblz-ready-for-big-moves/"> impending Bitcoin halving</a> catalyze institutional confidence in Bitcoin’s long-term viability. 
While he acknowledged the significance of Bitcoin’s traditional four-year halving cycle on supply and demand dynamics, renowned analyst <a href="https://thecoinrise.com/top-analyst-predicts-impact-of-spot-bitcoin-etf-on-price/">Michael Van de Poppe emphasized the increasing influence of macroeconomic factors in the current market</a>. He highlighted the significance of BTC’s fixed supply and burgeoning demand and predicted a substantial price surge in anticipation of the halving event. 
The post <a href="https://thecoinrise.com/bitcoin-exchange-supply-slumps-with-coinbases-58000-btc-outflow/">Bitcoin Exchange Supply Slumps With Coinbase’s 58,000 BTC Outflow</a> appeared first on <a href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Bitcoin Exchange Supply Slumps With Coinbase’s 58,000 BTC Outflow

Mục lục

TheCoinrise Media

Các bài viết khác được xuất bản trên 25 thg 3, 2024

Does Trump Still Hold Ethereum? Here's What He Lost Out On And What He Still Has, According to Hi...

Crypto Market Ignites Bullish Drive Today: Here’s Why

Marathon Digital Rolls Out Advanced Mining Solutions for Enhanced Profitability

Kraken UK Head Advocates for Bitcoin ETFs in the UK

Is Brazil leading the LATAM charge into Crypto?

PlayDapp Announces Mainnet Launch: User-Friendly Blockchain for Ecosystem (25 Mar)

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!