{"id":333209,"date":"2021-09-01T11:13:44","date_gmt":"2021-09-01T08:13:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/coinbases-bitcoin-reserves-drop-to-the-lowest-level-since-december-2017\/"},"modified":"2021-09-01T11:13:44","modified_gmt":"2021-09-01T08:13:44","slug":"coinbases-bitcoin-reserves-drop-to-the-lowest-level-since-december-2017","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/coinbases-bitcoin-reserves-drop-to-the-lowest-level-since-december-2017\/","title":{"rendered":"# Coinbase&#8217;s Bitcoin reserves drop to the lowest level since December 2017"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3879505a794\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3879505a794\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/coinbases-bitcoin-reserves-drop-to-the-lowest-level-since-december-2017\/#Bitcoin_lingers_in_%E2%80%9Cprice_stability%E2%80%9D\" >Bitcoin lingers in &#8220;price stability&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/coinbases-bitcoin-reserves-drop-to-the-lowest-level-since-december-2017\/#Ethereum_leads_altcoin_boost\" >Ethereum leads altcoin boost<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Coinbase&#8217;s Bitcoin reserves drop to the lowest level since December 2017 <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) revisited weekly lows on Sep. 1 as the new month got underway with a fizzle rather than a bang.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/177fea1f-19c3-4e22-bbb9-491c5d8ef49b.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_lingers_in_%E2%80%9Cprice_stability%E2%80%9D\"><\/span>Bitcoin lingers in &#8220;price stability&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\">TradingView<\/a>\u00a0showed BTC\/USD hitting lows of $46,530 on Bitstamp overnight, its lowest since Aug. 27.<\/p>\n<p>With $50,000 out of reach, price action continued to diverge &#8220;remarkably&#8221; from strong on-chain metrics and fundamentals.<\/p>\n<p>For analyst Willy Woo, who echoed similar findings from this week, a large pool of support at current levels is likely to hold Bitcoin where it is. Over 1.65 million BTC has a cost basis between $45,000 and $50,000.<\/p>\n<p>&#8220;Bitcoin <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roaching another region of notable price stability,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1432946382420135940\">told<\/a> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> followers Wednesday.<\/p>\n<blockquote><p>&#8220;Short term technicals are weak while on-chain, investors are in accumulation. All the makings of a volatility squeeze. Breaking 50 likely a fast track to 60.&#8221;<\/p><\/blockquote>\n<p>The area around $51,000, which this week remains active as a &#8220;final hurdle&#8221; resistance level for Bitcoin, is widely tipped to crumble in the mid-term, but the exact timing of such an impulse move is a mystery.<\/p>\n<p>Investors seemed ready to go on the day, with reserves on major exchange Coinbase at their lowest levels since December 2017 \u2014 700,000 BTC \u2014 and almost $20 billion in stablecoins sitting across centralized trading platforms ready for conversion.<\/p>\n<p>&#8220;After a period of moderate BTC inflows following the May Sell-off, Coinbase has seen a large outflow of coins,&#8221; on-chain analytics firm Glassnode <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnode\/status\/1432969353322852352\">commented<\/a> on the data.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/961667d5-3bfd-4ccd-af87-098b600ccff2.png\"><figcaption style=\"text-align: center;\"><em>Coinbase BTC balance annotated chart. Source: Glassnode\/ Twitter<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Ethereum_leads_altcoin_boost\"><\/span>Ethereum leads altcoin boost<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For Cointelegraph contributor Micha\u00ebl van de Poppe, however, it was business as usual for a BTC consolidation.<\/p>\n<p><strong><em>Related:\u00a03 reasons why Polkadot could be the next altcoin to hit a new all-time high<\/em><\/strong><\/p>\n<p>&#8220;Yep, Bitcoin is following this path,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1432966689927438338\">summarized<\/a>. <\/p>\n<blockquote><p>&#8220;Overall; pretty normal consolidation resulting in altcoins breaking out heavily with Ethereum as the first one breaking to new highs.&#8221;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1432966689927438338\/photo\/1\"><\/a><\/p><\/blockquote>\n<p>MeETH\/USD passed $3,500 overnight, marking its highest in three months against the U.S. dollar and BTC. Its cryptocurrency market cap dominance rose to 20.4%, with Bitcoin&#8217;s steady at 44%.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/80284630-3dc4-4974-9c1a-a3d4389d7fb5.png\"><figcaption style=\"text-align: center;\"><em>ETH\/USD 1-day candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/coinbase-s-bitcoin-reserves-drop-to-the-lowest-level-since-december-2017\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Coinbase&#8217;s Bitcoin reserves drop to the lowest level since December 2017 &#8221; Bitcoin (BTC) revisited weekly lows on Sep. 1 as the new month got underway with a fizzle rather than a bang. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin lingers in &#8220;price stability&#8221; Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD hitting&#8230;<\/p>\n","protected":false},"author":1,"featured_media":333210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvNDM1NDBjMDAtZTY2OS00ZTE0LWE5ODAtNGY2NTJkOGQwOTA4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,74956,74891,73785],"class_list":["post-333209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-coinbase","tag-ethereum","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/333209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=333209"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/333209\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/333210"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=333209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=333209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=333209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}