Is Coinbase Running Out of Bitcoin?
According to BTC-ECHO, rumors on social media suggest that Coinbase is running out of Bitcoin due to high demand. While the BTC reserves at Coinbase have indeed decreased significantly, from about 2.75 million in September 2021 to currently around 1.92 million BTC, the exchange still holds a substantial amount.
This decline indicates strong demand for Bitcoin as many investors are withdrawing their coins from exchanges for long-term holding, which reduces the available supply on platforms like Coinbase. This trend is seen as bullish for BTC prices since lower supply with rising demand typically leads to higher prices.
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Bitcoin and Coinbase: New Highs in Sight
DER AKTIONÄR reports that Bitcoin has once again surpassed $70,000 and attributes this rise partly to net-positive inflows into Bitcoin ETFs over the past two weeks. These inflows could push both Bitcoin and Coinbase stock towards new highs.
The cumulative ETF volume reached its highest level since inception at $262.55 billion last Friday despite weekly volumes being relatively low compared to March figures. The Grayscale Bitcoin Trust also saw minor positive inflows recently, marking a notable shift according to James Butterfill of CoinShares.
Bitcoin Halving: How Will the Event Impact Prices?
The Rhein-Zeitung explains how every four years or so, an event called "Halving" occurs within the cryptocurrency network of Bitcoin where miners' rewards are halved after mining a certain number of blocks—most recently reducing it from 6.25 Bitcoins per block down to just 3.125 Bitcoins per block starting April 20th this year.
This reduction limits new Bitcoin entering circulation while maintaining steady market demands. Historically, such significant price increases post-halvings are expected, though experts caution against expecting immediate effects. Prior trends have shown delayed responses spanning months before seeing noticeable impacts on valuations.
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