The Coinbase Premium Index, which measures the gap between the BTC price on Coinbase Pro and Binance, has flipped to green this week. In the last few days, there has been a rise in the price of Bitcoin which will give a sudden rife to the next big actions.
BTC Whales and institutional investors, however, always had clear plans about their actions even during market crunch. So to help this out, a key indicator- Coinbase Premium can be used to know where the market will turn next by assessing the mood of these big investors.
Coinbase Premium Finally Turns Green
As per the signals from Crypto Quant, it can be seen that there could be some respite to the market from selling pressures as the Coinbase premium turned green finally after a long time. The last time it was green was back in May. It is seen that the interest in buying Bitcoin is coming from the big whales.
“For a really long period, Coinbase Premium was negative. It gives a signal that US high net worth and institutional investors are unloading Bitcoins.”
The green signal finally indicates that the selling pressures are finally getting over with Coinbase premium rising above zero levels.
Bitcoin Whale Accumulation On Peak
Big Whales and Institutional investors have increased their holdings giving a rise to the Buying sentiment. However, small investors are still on the selling spree and are not opting to buy Bitcoin yet.
Investors possessing below 10,000 Bitcoins have recently decreased their holdings. Whereas those addresses having more than 10,000 BTC are accumulating more Bitcoins.
Now, the Bitcoin price is standing at $23,800, up 1.73% in the last 24 hours. The cryptocurrency increased in value by 20.39% in a week. Bitcoin’s market size grew by 15% on the market cap front over one week. Bitcoin prices picked up quite well from $385 billion on June 13th to $445 billion on June 19th.