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Bitcoin

Bitcoin Demand In US Grows: Coinbase Premium Index Back In Positive Zone Amid BTC’s Rally

Godspower Owie
by Godspower Owie
4 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Even with Bitcoin’s price experiencing waning performance or growing bearish pressure, bullish sentiment continues to increase strongly in the broader crypto market. Following the recent rally to a new all-time high, there has been a notable improvement in the BTC’s Coinbase Premium Index.

Positive Bitcoin Coinbase Premium Index

Bitcoin’s price may have experienced a slight pullback, but several key aspects still indicate a potential continuation of its recent upward trend. As the flagship digital asset gears up for an extended rally, Alphractal, an on-chain data analytics platform, mentions that a key market indicator is flashing signs of renewed investors’ interest.

Related Reading: US Whales Are Selling Bitcoin – Coinbase Premium Gap Turns Negative Again

In its post on X, the platform announced that Bitcoin’s Coinbase Premium Index has returned to positive territory after rallying to a new all-time high. This bullish shift has ignited newfound optimism in the market, generating more interest in the crypto giant.

Specifically, the Coinbase Premium Index is a crucial market indicator that calculates the difference in Bitcoin’s price on the Coinbase exchange and other international crypto exchanges.  The index’s move into positive territory implies that many traders in the United States are once again paying more to purchase BTC. “During Bitcoin’s latest rally, the Coinbase Premium Index turned positive again, signaling significant buying pressure from the U.S. market,” the platform stated.

Bitcoin
Coinbase premium resuming its bullish course | Source: Alphractal on X

Alphractal noted that when the metric is positive, as it is now, it indicates that BTC is trading at a premium on the Coinbase exchange, which represents stronger demand from US-based markets. Such a pattern is frequently linked to institutional accumulation and an increase in local demand. According to the on-chain expert, the shift is a signal worth paying close attention to in the recent market trends.

Presently, the development provides Bitcoin’s ongoing upward trend an additional boost and may support the current bullish market sentiment. With the growing adoption and interest in BTC from US investors, the flagship asset could be poised for another major rally as seen in past scenarios, suggesting that the bull market is not yet over.

A Resurgence Of BTC’s Whale Investors

Heightened interest has gained steam among major BTC investors. While prices have briefly declined, the number of whale wallet addresses holding 1,000 BTC or more has started to climb once again, a trend that signals renewed conviction in the asset.

Related Reading: Bitcoin Whale And Shark Investors Have Returned, And They Are Buying Aggressively

A recent report from Glassnode shows that these large investors have begun increasing after dropping in late April. From late April till now, this cohort rose to 1,455 even as BTC’s price surged to a new all-time high days ago.

This increase amidst the current consolidation phase raises the possibility that long-term investors and institutional players are capitalizing on recent price swings and preparing for a future change in the market. Since growing whale accumulation has historically led to major moves, this development could be a bullish indication of a sustained uptrend.

Bitcoin
BTC trading at $109,065 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Getty Images, 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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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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