Bitcoin price has tanked significantly in the past several days, dumping below $30,000 - are whales selling on Coinbase?
Bitcoin price has tanked significantly in the past several days, dumping below $30,000 – are whales selling on Coinbase?
The BTC premium on the largest US-based cryptocurrency exchange has plummeted to negative levels last seen nearly three years ago. This comes amid the broader market correction and suggests that whales and larger players have used Coinbase to sell substantial portions of their bitcoin holdings.
This metric tracks the BTC movements of institutions and larger-cap players on Coinbase , typically regarded as the go-to platform for such investors. Essentially, this means that the higher this Premium goes, the more institutional demand exists, and vice-versa. According to CryptoQuant, this metric has fallen sharply since the start of the month. It was well in the “green,” as the chart below demonstrates, for consecutive months, but dropped to its lowest position in 35 months. The analytics resource attributed it to larger investors disposing of their assets on Coinbase.“Financial markets are currently trading risk-off, so this is not surprising.
This only supports the theory that whales and institutions were most likely the fuel behind the recent correction. As such, it would be intriguing to follow how the Coinbase Premium will perform in the next week or so.
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