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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Bitcoin Whales

Binance Whales Taking Charge For Latest Bitcoin Price Explosion, Data Shows

Keshav Verma
by Keshav Verma
5 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows the Bitcoin Coinbase Premium Gap has plunged into negative territory, a sign that Binance whales may be the ones fueling the rally.

Bitcoin Coinbase Premium Gap Has Declined Alongside Latest Price Surge

As pointed out by an analyst in a CryptoQuant Quicktake post, the Bitcoin Coinbase Premium Gap has dropped to a negative value. The “Coinbase Premium Gap” refers to an indicator that keeps track of the difference between the BTC price listed on Coinbase (USD pair) and that on Binance (USDT pair).

When the metric has a positive value, it means the cryptocurrency is trading at a higher price on Coinbase than on Binance. Such a trend suggests the investors of the former are participating in a higher amount of buying (or lower amount of selling) as compared to the latter.

Related Reading: Chainlink Registers Month Of Exchange Outflows—Altcoin To Watch?

On the other hand, the indicator being under the zero mark implies that buying pressure may be stronger on Binance as the asset is going for a higher rate on the platform.

Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the last couple of days:

Bitcoin Coinbase Premium Gap

The value of the metric appears to have gone through a plummet | Source: CryptoQuant

As displayed in the above graph, the Bitcoin Coinbase Premium Gap saw a plunge into the negative territory, coinciding with BTC’s latest continuation to the recovery rally, a sign that whales on Binance may have provided the impulse for it.

Since the start of 2024, the pattern majorly observed has been that of the Coinbase whales leading the market. The platform is generally used by American investors, especially the large institutional entities, so the Coinbase Premium Gap essentially represents how the behaviour of the US-based whales has diverged from Binance’s global traffic.

The indicator being positive suggests that the American institutional investors could be buying. BTC has generally observed bullish price action whenever this trend has developed since January of last year.

From the chart, it’s visible that Binance whales have shown multiple large accumulation spikes during the last couple of days, and despite the pattern, it’s these spikes that have been kickstarting price surges, rather than Coinbase buying.

Related Reading: Bitcoin Closes In On $90,000—Here’s How Path Ahead Looks Based On On-Chain Data

That said, the large American investors have also continued to play a role in the market at the same time, with a couple of buying spikes coming from them, in contrast to the Binance ones, adding to Bitcoin’s bullish price action. Thus, the Coinbase whales have certainly not lost their relevance.

Though, while in the past year, a negative Coinbase Premium Gap could have been taken as a bearish signal, the same isn’t true currently, given how Binance whales have actually been timing their buys ahead of the Coinbase whales. It only remains to be seen, however, whether this is a new dynamic for the market, or if it’s only something temporary.

BTC Price

At the time of writing, Bitcoin is trading around $93,600, up more than 11% in the last seven days.

Bitcoin Price Chart

The trend in the BTC price over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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