With the sudden surge in bitcoin price over the past few days, speculation about the next major price action is rife. However, institutional investors and big bitcoin whales appear to have clear plans amid market uncertainty. Coinbase Premium, a key indicator used to assess the sentiment of large investors, is pointing in this direction.
Coinbase Premium is finally positive
Data from Crypto Quant is signaling that the market may finally be relieved of selling pressure. According to Maartunn, the Coinbase premium recently went green after a long time. The data shows that there is clearly interest in buying bitcoin from big whales. The last time the Coinbase rewards gauge was solid green was early May.
“Coinbase Premium has been negative for a long, long time. There is a clear signal that US high net worth and institutional investors are offloading bitcoin.”
The recent trend also underscores sentiment that selling pressure is finally easing. With the Coinbase premium rising above zero, the signals suggest that most of the selling is now over. Meanwhile, analysts think that the slowdown in selling pressure is good not only for bitcoin whales but also for the crypto market. “Reduced selling pressure opens up opportunities for higher prices, which is actually very good for the market.”
Whale flock on the rise
Looking at the data on the distribution addresses of bitcoin balances, the trend clearly shows that large whales have increased their holdings. However, smaller players still appear to be on a sales spree or not deciding to buy bitcoin just yet. The number of addresses with less than 10,000 bitcoin has been decreasing their fortunes lately. While the addresses with over 10,000 BTC clearly accumulate more Bitcoin.
Meanwhile, Bitcoin surged around $4,000 in just a week. As of this writing, Bitcoin is priced at $23,800, up 1.73% over the past 24 hours, according to price tracker CoinMarketCap. On a weekly basis, the cryptocurrency rose in value by a staggering 20.39%. On the market cap front, Bitcoin’s market size grew by over 15% in just a week. From $385 billion on June 13 to $445 billion on June 19, Bitcoin rallied quite nicely.
Anvesh reports on key developments surrounding crypto adoption and price analysis. Anvesh has been associated with the industry since 2016 and is a strong proponent of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him at [email protected]
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
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