Bitcoin Blasts Off As Institutionals Continue Buying On Coinbase
10 Janvier 2024 - 1:00AM
NEWSBTC
Bitcoin has observed a sharp rally beyond the $47,000 level as data
shows buying pressure on Coinbase has displayed no signs of letting
off. Bitcoin Has Surged More Than 4% In Last 24 Hours As ETF
Deadline Nears After the asset’s indecisiveness over the last few
days, the cryptocurrency has appeared to have picked its direction
in the last 24 hours, as its price has increased sharply. Related
Reading: Bitcoin Correlation To Nasdaq Continues To Be Negative:
What It Means At the peak of this surge, the coin had crossed
beyond the $47,300 mark, but since then, the coin has registered
some pullback as it’s now down to $46,500. The below chart shows
how Bitcoin has performed during the last few days. Looks like the
asset's price has blasted off in the past day | Source: BTCUSD on
TradingView With this surge, the coin is up over 4% in the last 24
hours. The only cryptocurrencies in the top 20 market cap list that
have attained better returns during this period are Solana (SOL)
and Bitcoin Cash (BCH). This latest rally to levels not visited
since March 2022 has come for the cryptocurrency as the US SEC
deadline for a decision on BTC spot ETFs is approaching fast. With
the expectation in the market widely being that the ETFs would get
approved, it’s not surprising that buyers may be jumping in,
expecting the asset to rally further after the ETFs start trading.
Data of an indicator could also point towards large entities being
involved in accumulation in this leadup to the day of decision. BTC
Coinbase Premium Gap Has Been Positive For More Than A Week Now As
CryptoQuant Netherlands community manager Maartunn pointed out in a
post on X, the Bitcoin Coinbase Premium Gap has been positive for
several consecutive days. The “Coinbase Premium Gap” refers to a
metric that keeps track of the difference between the Bitcoin
prices listed on cryptocurrency exchanges Coinbase (USD pair) and
Binance (USDT pair). This indicator’s value tells us about the
difference in the buying (or selling) behaviors on the two largest
platforms in the sector. Below is a chart showing the recent trend
in this metric’s 14-day simple moving average (SMA). The value of
the metric seems to have been green since a while now | Source:
@JA_Maartun on X As displayed in the above graph, the Bitcoin
Coinbase Premium Gap has been positive for almost 2024, with only
one dip in the metric coming on the first day of the year. Related
Reading: These Altcoins Are Showing Most Bullish & Bearish
Divergences: Santiment This suggests that the buying pressure on
Coinbase has been greater than on Binance for over a week now.
US-based institutional investors widely use the former, while the
latter hosts more global traffic. Thus, this indicates that large
institutional traders have possibly been going shopping recently.
Another indicator that suggests accumulation from the whales is the
“large holders netflow” metric from IntoTheBlock, which has
displayed positive spikes recently. The data for the BTC large
holders netflow since the start of the year | Source: IntoTheBlock
on X “Large holders bought the dip! Bitcoin holders holding >1%
of the supply accumulated more than 14k BTC over the past week as
prices dipped below $43k,” explains IntoTheBlock. Featured image
from Shutterstock.com, charts from TradingView.com,
CryptoQuant.com, IntoTheBlock.com
Bitcoin Cash (COIN:BCHUSD)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Bitcoin Cash (COIN:BCHUSD)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024