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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market experienced a seismic shift as Bitcoin (BTC) exchange supply plummeted to an all-time low, with about 58,000 BTC withdrawn from Coinbase, one of the leading cryptocurrency exchanges.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

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