Bitcoin

Grayscale Bitcoin Trust

Spot

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Coinbase Bitcoin reserves have decreased by 15% since February, due to increased demand for Spot ETFs.</li>
 <li>Spot BTC ETF market has seen a decline in demand since 13 June, with significant outflows recorded.</li>
</ul>
<h2 id="coinbase-s-declining-btc-reserves">Coinbase’s Declining BTC Reserves</h2>
<p>The reserves of Bitcoin (BTC) on Coinbase have seen a 15% decrease since February. This was discovered by a pseudonymous CryptoQuant analyst named Burakkesmeci. The Coinbase BTC Reserve is a measure of the amount of Bitcoins held by users on the exchange platform.</p>
<p>This includes Bitcoins in user wallets and those deposited for trading. A decline in these reserves signifies that coin holders are either selling their assets or transferring their BTCs to personal wallets for long-term holding.</p>
<h2 id="spot-btc-etf-market-s-state">Spot BTC ETF Market’s State</h2>
<p>The decline in Coinbase BTC Reserves is attributed to the increased demand due to Spot ETFs. The cumulative spot BTC volume held by issuers like BlackRock (IBIT), Grayscale Bitcoin Trust (GBTC), and others, totals $296.32 billion.</p>
<p>BlackRock currently has the highest assets under management (AuM) among these issuers, standing at $20.49 billion. However, there has been a decline in demand for spot BTC ETFs since 13 June, with outflows from the market amounting to $226.21 million.</p>
<p>On 14 June, the net outflows were $190.08 million, with Fidelity’s FBTC and Grayscale’s GBTC recording the largest outflows. Over the past week, the spot BTC ETF market has seen outflows on four out of five days.</p>
<p>This trend correlates with the weak performance of Bitcoin over the last week. Currently, the leading cryptocurrency is valued at $66,061, a 5% decrease in value over the past seven days. Bitcoin is now facing significant resistance at the $70,000-price level.</p>

Cryptocurrency News: Coinbase Bitcoin Reserves Plunge 15% Since February – Here’s What You Need to Know

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CoinEagle.com

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