CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
Home » Crypto News » Bullish: Bitcoin Reserves on Coinbase the Lowest Since December 2017

Bullish: Bitcoin Reserves on Coinbase the Lowest Since December 2017

Author: George Georgiev

Last Updated Sep 1, 2021 @ 08:13

The Coinbase Bitcoin balance is currently as low as it was in December 2017 – what does this mean?

Getting your audio player ready...

The past couple of days saw Bitcoin consolidating between important support and resistance lines, which is arguably good for its price as it’s definitively better than a flat-out correction. Now, data shows us that the Coinbase BTC balance sits at levels not seen since December 2017.

Coinbace Bitcoin Balance Go Down

One of the ways to gauge the potential for upcoming big moves in Bitcoin’s price is by following the BTC balance on exchanges.

If the number is high, it means there are more bitcoins to be traded. It’s a very popular metric to look at, and analysts have been using it to determine the possibility of high volatility in the near-term future.

Data from the popular analytics resource, Glassnode, reveals that the leading US-based cryptocurrency exchange – Coinbase – has its BTC balance as low as it was back in December 2017.

After a period of moderate BTC inflows following the May Sell-off, Coinbase has seen a large outflow of coins.

This brings the total balance to just over 700k BTC.

The last time the coinbase Bitcoin balance was at this level was December 2017.

btc_coinbase_chart
Bitcoin Balance on Coinbase. Source: Glassnode

Potential Implications on Bitcoin’s Price

As mentioned above, the fact that the exchange’s Bitcoin balance is low could be considered a positive sign for BTC’s price. Of course, Coinbase is just one of many exchanges, and they need to be taken into aggregation to form any meaningful thesis for the price.

Information from CryptoQuant – another well-known analytics resource – shows us that there’s been a decrease in the amount of BTC held in all exchanges’ wallets starting on July 26th.

To further support the bullish thesis is the inverse correlation between this metric and bitcoin’s price, as definitively depicted in the chart below.

btc_cryptoquant_chart
All Exchange BTC Reserves. Source: CryptoQuant

In any case, it’s important to remain vigilant and keep an eye on the chart. Despite the positive monthly close, it’s still critical for Bitcoin bulls to prevent the 200-days moving average from failing as support while also following up on the recent positive price movements.

Featured image courtesy of The Conversation

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Tags: Bitcoin Bitcoin (BTC) Price Coinbase
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

George Georgiev
More posts by this author

Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

Join Our Community

FacebookX YouTubeTelegram


Editorials
How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

11 Best Meme Coins to Watch in June 2025

11 Best Meme Coins to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

11 Best Crypto Presales to Consider in June 2025

11 Best Crypto Presales to Consider in June 2025

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Join Our Newsletter
Become a CryptoPotato VIP
One Weekly Email Can Change Your Crypto Life.
Sign-up FREE to receive our extended weekly market update and coin analysis report
We NEVER send spam. You can unsubscribe at any time.
Invalid email address
Thanks for subscribing!
Footer Logo
About
Advertise on CryptoPotato
About Us | Contact Us | Careers
Editorial Policy
Terms of service | Privacy Policy | GDPR
More Sections
IEO List | Evaluations
Airdrops
Scholarship
Disclaimer
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
© Copyright CryptoPotato 2016 - 2025
Scroll to top
One Daily Email Can Change Your Crypto Life.

Sign-up FREE to receive our extended daily market update and coin analysis report

We never send SPAM. You can unsubscribe at any moment
Invalid email address
Thanks for subscribing!