Bitcoin Erases Recovery As Coinbase Users Relentlessly Sell

Bitcoin has retraced its recent recovery above $104,000 as data shows the Coinbase Premium Gap has continued to be negative. Bitcoin’s Coinbase Premium Gap Has Been Red Recently As pointed out by CryptoQuant community analyst Maartunn in a new post on X, investors on Coinbase keep selling ￰0￱ indicator of relevance here is the “Coinbase Premium Gap,” which measures the difference between the BTC price listed on Coinbase (USD pair) and that on Binance (USDT pair). Related Reading: Bitcoin At Increased Risk Of Falling To $88,500 Support, Glassnode Warns When the value of this metric is positive, it means the asset is trading at a higher rate on Coinbase than ￰1￱ a trend suggests the users of the former are applying a higher buying pressure (or lower selling pressure) than those of the ￰2￱ the other hand, the indicator being under the zero mark implies Binance users are the ones participating in a higher amount of accumulation as they have pushed the asset to a higher price on the platform.

Now, here is the chart shared by Maartunn that shows how the Coinbase Premium Gap has fluctuated over the past week: As displayed in the above graph, the Bitcoin Coinbase Premium Gap has stayed mostly in the negative zone during the past week, implying users on Coinbase have been participating in ￰3￱ metric briefly turned neutral-green as the cryptocurrency witnessed a surge back above $104,000, but since then, the indicator’s value has again plummeted, and with it, the BTC price has erased its ￰4￱ the start of 2024, Bitcoin has often reacted to movements in the Coinbase Premium Gap in a similar manner, showcasing how Coinbase users have been a driving force in the ￰5￱ exchange is mainly used by American investors, especially large institutional entities like the spot exchange-traded funds (ETFs), so the Coinbase Premium Gap essentially reflects how the US-based whales differ in behavior from Binance’s global ￰6￱ the indicator has been red recently, it would appear that the American institutions have been distributing the ￰7￱ the pattern over the last couple of years, it’s possible that BTC’s recovery might depend on whether a bullish sentiment can return among this ￰8￱ Reading: Cardano Retests Line That Has Triggered Strong Rebounds Since Nov 2024 In some other news, a movement of old tokens has just been spotted on the Bitcoin blockchain, as Maartunn has highlighted in another X ￰9￱ the chart, it’s visible that a stack of over 13,000 BTC that has been dormant for between 3 and 5 years has become involved in a transaction, a potential sign that a HODLer may be gearing up for ￰10￱ Price At the time of writing, Bitcoin is trading around $100,200, down almost 9% over the last ￰11￱ image from Dall-E, CryptoQuant.

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