The leading crypto Bitcoin (BTC) has experienced a sudden and strong rise in the last few days. However, speculation remains about BTC’s next big price action. On the other hand, institutional investors and big Bitcoin whales seem to have clear plans amid market uncertainty. For this, the Coinbase premium is one of the important metrics that can be used to reflect the mood of large investors.
Coinbase premium for Bitcoin finally turns green
The cryptocurrency market has caught a glimpse of itself in the midst of a harsh winter. Data from Crypto Quant signals that it is possible for the market to finally recover from selling pressure. According to the data, Coinbase premium has recently turned green after a long hiatus. The data shows that big whales are clearly interested in buying Bitcoin. The Coinbase premium was giving a steady green signal, most recently in early May. Analysts make the following assessment:
For quite some time the Coinbase Premium was negative. It was giving a clear signal that the US high net worth and institutional investors were dumping Bitcoins.
Meanwhile, the latest trend underscores the feeling that selling pressure is finally easing. With Coinbase premium rising above zero levels, it signals the end of most sell-offs. Meanwhile, analysts say that slowing selling pressure is not only good for Bitcoin whales but also for the crypto market. In this context, analysts make the following statement:
Reducing selling pressure gives opportunities to higher prices. This actually creates a very good situation for the market.
Whales pile up as BTC rises
Analysts are also looking at data on Bitcoin balance distribution addresses. According to the data, the trend clearly shows that large whales are increasing their presence. However, smaller players still seem to be on a selling spree or not choosing to buy Bitcoin yet. Meanwhile, the number of addresses under 10,000 Bitcoins has recently dwindled their holdings. These addresses, which have more than 10,000 BTC, accumulate more Bitcoin.
cryptocoin.comAs you follow, BTC has increased by nearly $4,000 in just one week. At press time, Bitcoin is trading at $23,279, up 0.21% in the last 24 hours, according to data from CoinMarketCap. On a weekly basis, the leading cryptocurrency showed an astonishing 18.44% performance. In terms of market cap, Bitcoin’s market size has grown by over 15% in just one week. It rose from $385 billion on June 13 to $445 billion on June 19.
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