- U.S. whales and institutions have shifted from selling to buying Bitcoin, driving prices up.
- The Coinbase premium gap shows an upward trend, indicating increased demand on Coinbase.
- Bitcoin’s rebound on weekends hints at potential further inflows from the Bitcoin spot ETF.
U.S. whales and institutional investors are once again increasing their Bitcoin purchases, according to recent data. The Coinbase premium gap, which tracks the difference between Bitcoin prices on Coinbase and other exchanges, reveals this trend. The premium gap has shifted from a strong selling trend to a noticeable buying trend, reflecting heightened demand.
The consistent upward trend in the Coinbase premium gap and the recent price increase indicate a positive market sentiment among U.S. whales and institutional investors. This shift from a selling trend to a buying trend suggests a renewed confidence in Bitcoin’s potential.
The chart from CryptoQuant.com illustrates Bitcoin’s price in white and the Coinbase premium gap in red and green. Over the period from June 22 to mid-July, Bitcoin’s price increased from around $55,000 to $60,800.
The premium gap, shown on the left vertical axis, fluctuated significantly but displayed a consistent upward trend, moving from deeply negative values around -175 to a peak of about 10.5. This upward trend in the premium gap aligns with the rise in Bitcoin’s price, suggesting a correlation between higher Coinbase premiums and increased Bitcoin prices.
Source: CryptoQuant
Besides, the rebound in Bitcoin prices on weekends suggests that additional funds could flow into the Bitcoin spot ETF during weekdays. This possibility points to an open potential for further rebounds. Market participants, having faced fear and frustration during a prolonged period of adjustment, might find this period conducive to a Bitcoin rebound.
As of the press time, Bitcoin’s price currently trades at $63,328, with a trading volume of $28,397,598,089 on the last day. This shows an increase of 4.17% in the last 24 hours and an 8.54% rise over the past seven days. This recent price increase reflects the growing demand and trading activity on Coinbase relative to other exchanges.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
