Data shows the Bitcoin Coinbase Premium Gap recently broke its longest ever streak of positive values. Here’s what this could mean for the market. Bitcoin Coinbase Premium Gap Turned Negative Recently In a new post on X, CryptoQuant community analyst Maartunn has talked about the recent trend in the Bitcoin Coinbase Premium Gap. 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). The former cryptocurrency exchange is primarily used by US-based investors, especially large institutional entities. The latter, on the other hand, has a global userbase. As such, the Coinbase Premium Gap essentially tells us about how the buying or selling behaviors differ between the American and foreign whales. Related Reading: XRP Dormant Coins On The Move: Reason Behind Price Plunge? When the value of the metric is positive, it means the cryptocurrency is listed for a higher price on Coinbase than Binance. Such a trend implies buying pressure is stronger (or selling pressure is weaker) on the former as compared to the latter. On the other hand, the indicator having a negative value implies Binance is the platform observing a net higher accumulation as its users have pushed BTC to a higher value than on Coinbase. Now, here is a chart that shows the trend in the 30-hour moving average (MA) of the Bitcoin Coinbase Premium Gap over the past year and a half: As displayed in the above graph, the 30-hour MA Bitcoin Coinbase Premium Gap has mostly held a positive value for a while now, indicating that Coinbase users have been buying. This accumulation was so consistent earlier that it managed to reach a streak of 94 days, but recently, a dip into the negative territory finally broke it. “This was the longest streak in history,” notes the analyst. Since the start of 2024, US institutional investors have generally played a driving role in the market, with the price often showing correlation to the Coinbase Premium Gap. Given this pattern, a pivot to selling from this group can naturally be a bearish sign for Bitcoin. Related Reading: Ethereum Exchange Reserve Plummets: Over 1 Million ETH Withdrawn The chart shared by Maartunn shows more of a long-term view of the indicator. So, here is another graph, this one from CryptoQuant author IT Tech, that shows how the metric’s fluctuations have looked on a higher resolution over the past month: From the chart, it’s apparent that the metric has seen multiple drops into the negative zone recently, with the latest one coming during the past day. “The demand in the US Market is weakening,” says the analyst. “Caution is necessary.” BTC Price Bitcoin has been unable to find a direction as its price is still floating around $117,700. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
On-chain data shows the large Bitcoin investors have added to their holdings in the past week, a sign that could be bullish for BTC’s price. Bitcoin Investors With 10 To 10,000 BTC Have Added To Their Holdings In a new post on X, the on-chain analytics firm Santiment has talked about the latest trend in the Bitcoin supply held by the 10 to 10,000 BTC investors. The on-chain indicator of relevance here is the “Supply Distribution,” which tells us about the total number of tokens that a particular wallet group is carrying right now. Related Reading: Bitcoin ATH Fails To Hype Retail—Demand Is Actually Down Addresses or investors are placed into these cohorts based on the size of their balance. For example, the 1 to 10 coins group includes all holders owning between 1 and 10 tokens of the cryptocurrency. In the context of the current discussion, the groups lying inside the 10 to 10,000 BTC range are of interest. This wide range includes some of the key holders of the sector like the sharks and whales. These investors own significant holdings, so their behavior can often be worth keeping an eye on. Now, here is the chart shared by the analytics firm that shows the trend in the Bitcoin Supply Distribution of the 10 to 10,000 BTC holders over the last few months: As is visible in the above graph, the Bitcoin supply held by the 10 to 10,000 BTC investors has registered a significant jump over the past week, implying this group has purchased a net number of coins. More specifically, the members of the cohort have collectively added 79,244 BTC to their wallets in this period. At the current exchange rate, this amount converts to a whopping $8.3 billion. Related Reading: Bitcoin 3–5 Year Holders Slow Selloff—Waiting for Higher Prices? From the chart, it’s visible that this accumulation from the key investors has arrived while BTC has been going down after forming a new all-time high (ATH). This could be a potential indication that these holders still believe in the rally and see this drawdown as just a dip opportunity. That said, the 10 to 10,000 range is a bit wide, so while it does include the big-money investors, it also mixes up their behavior with some of the less-significant hands. Fortunately for Bitcoin, it would appear that the whales (1,000 to 10,000 BTC) agree with this trend of buying, as the chart shared by analyst Ali Martinez implies. As displayed in the graph, the whales of the cryptocurrency have added around 30,000 tokens to their holdings during the past few days, meaning that it’s not just the mid-sized hands buying this dip. BTC Price At the time of writing, Bitcoin is floating around $105,200, down over 2% in the last seven days. Featured image from Dall-E, Santiment.net, chart from TradingView.com
On-chain data shows the largest of Bitcoin investors have continued to buy recently. Here’s whether the other cohorts have followed in the footsteps of these titans or not. Mid-Sized Bitcoin Holders May Finally Be Showing A Shift In a new post on X, the on-chain analytics firm Glassnode has discussed about the how the Accumulation Trend Score has looked for the various cohorts in the Bitcoin market. The “Accumulation Trend Score” is an indicator that tells us about whether the Bitcoin investors are participating in buying or selling. The metric checks not only the balance changes happening in the wallets of the holders, but also the size of the holdings themselves. This means that the indicator puts a higher weightage on the changes taking place that involve the large investors. When the metric has a value greater than 0.5, it means the large addresses (or a large number of small entities) are participating in accumulation. The closer the metric gets to the 1 mark, the stronger this behavior becomes. Related Reading: This Bitcoin Bear Confirmation Is Yet To Appear, Glassnode Reveals On the other hand, the indictor being under 0.5 implies the holders are taking part in distribution, or simply not doing any accumulation. Here, the extreme point lies at the 0 level. In the context of the current topic, the Accumulation Trend Score of the entire sector isn’t of interest, but rather that of each investor cohort separately. There are different ways to classify holders, but the relevant one here is on the basis of wallet size. Below is the chart for the indicator shared by the analytics firm that shows how the behavior has changed for the Bitcoin holder groups over the past year. As is visible in the above graph, the Bitcoin Accumulation Trend Score took a bright red shade for all cohorts back in February, indicating market-wide strong distribution. Since this selloff, the indicator’s value has gone up for the various cohorts, implying a cooldown of selling pressure has occurred. This cooldown has varied across the groups, however, with one cohort in particular diverging far away from the rest: the 10,000+ BTC holders. Popularly, the investors carrying between 1,000 to 10,000 BTC are known a the whales, so these holders, who are even more humongous, could be termed the “mega whales.” From the chart, it’s apparent that this group took to buying in March and has since seen its accumulation deepen as the Bitcoin Accumulation Trend Score has reached a value of around 0.7. The rest of the market has also been easing up its distribution in this period, but none of them have moved into the accumulation territory yet. That said, the 10 to 100 BTC investors are close, with the score now sitting at 0.5 for them. “This suggests at a possible shift in sentiment from mid-sized holders,” notes Glassnode. Related Reading: Bitcoin Realized Cap Sets New Record, But Momentum Fades It now remains to be seen whether the trend of increase in the indicator would continue in the coming days and the rest of the Bitcoin cohorts would catch up with the mega whales or not. BTC Price Bitcoin has taken to sideways movement recently as its price is still trading around $84,500. Featured image from Dall-E, Glassnode.com, chart from TradingView.com
On-chain data shows the large Bitcoin wallets have witnessed notable growth recently, a sign that confidence around the asset may be going up. Bitcoin Wallets With 10+ Tokens Have Seen Their Count Go Up Recently In a new post on X, the on-chain analytics firm Santiment has discussed about how the trend in the Supply Distribution has looked for the cryptocurrency’s key holders. The “Supply Distribution” here is an indicator that measures, among other things, the number of wallets that belong to a particular group. The investors or addresses are divided into these cohorts based on the number of tokens that they are holding in their balance. Related Reading: Bitcoin Dominance: BTC’s MVRV Outpaces ETH’s For Record 812 Days The 1 to 10 coins group, for instance, includes all investors who own between 1 and 10 tokens. In the context of the current topic, the coin range of interest is the 10+ coins one (with the upper limit being infinity). At the current exchange rate, the cutoff for this range converts to around $821,000, so the only investors who would be able to qualify for it would be the large ones. Two key cohorts in particular fall in this range: the sharks and whales. The influence of any entity in the market goes up the more coins that they hold, so the sharks and whales with their sizeable holdings can occupy an important spot in the ecosystem. As such, the trends related to them can be worth keeping an eye on. The Supply Distribution allows for one such way to track these investors. Below is the chart for the indicator shared by the analytics firm that shows the trend in its value over the last few months: As displayed in the graph, the Bitcoin Supply Distribution for the 10+ coins range was following a slight overall downtrend during the last few weeks, but in the past day, the metric’s value has seen a turnaround. This suggests that the sharks and whales are now growing in number again. The reversal in the population of these large entities has come as US President Donald Trump has announced a 90-day pause on the tariffs for most countries. The tariffs had earlier unleashed FUD on the market, leading to a crash for BTC and other digital assets. With the news of the pause, however, the coins have shown a rebound. Related Reading: Bitcoin Breakout Above This Level Could Set Stage For $208,550 Top, Analyst Says During the jump, wallets with 10+ coins have gone up by 132, which is the largest jump since February 20th. The analytics firm notes that this indicates “a higher level of confidence from crypto’s key stakeholders.” It now remains to be seen whether the big-money investors would continue to buy into Bitcoin in the coming days or not. BTC Price At the time of writing, Bitcoin is trading around $82,100, down around 1% in the last week. Featured image from Dall-E, Santiment.net, chart from TradingView.com
On-chain data shows the large Bitcoin holders are capitalizing on the lower prices as they have switched to accumulating again. Bitcoin Whales Are Now In Net Buying Mode According to data from the market intelligence platform IntoTheBlock, the Large Holders are buying BTC right now. The on-chain indicator of relevance here is the “Large Holders Netflow,” which keeps track of the net amount of the asset that’s entering into or exiting out of the wallets associated with Large Holders. The analytics firm defines ‘Large Holders’ as the entities that are carrying at least 0.1% of the cryptocurrency’s entire supply in their balance. At the current exchange rate, this amount is worth a whopping $1.67 billion, so the only addresses who would qualify for the group would be those owned by the largest of investors in the space. Related Reading: Don’t Call Bitcoin Bottom Just Yet, CryptoQuant Head Says: Here’s Why When the value of the Large Holders Netflow is positive, it means these humongous entities are receiving net inflows into their wallets. Such net buying from this cohort can naturally be a bullish sign for BTC’s price. On the other hand, the indicator being negative can lead to a bearish outcome for the cryptocurrency, as it implies the largest of holders have decided to participate in some selling. Now, here is the chart shared by the analytics firm, that shows the trend in the Bitcoin Large Holders Netflow over the past week: As displayed in the above graph, the BTC Large Holders Netflow had turned negative earlier in the week, meaning these mega whales had taken to net distribution. The cryptocurrency’s price had followed up with its crash when this selling had emerged, so it would appear likely that this cohort had a role to play in the bearish price action. While these influential beings may have been at least in part responsible for the market decline, they have now turned around and started buying instead, as the indicator’s value has broken back into the positive region. According to the analytics firm, the Large Holders have added almost 15,000 tokens of the asset to their wallets since BTC has gone under the $90,000 level. Thus, it would appear that this cohort believes the current low prices to be offering a worthy accumulation opportunity for Bitcoin. Related Reading: XRP Indicator Reliable Since 2022 Now Gives This Signal It’s possible that this buying spree from the whales would end up having a bullish effect on BTC, similar to what the earlier selloff did, but so far, the coin has only continued to slide down. BTC Price Bitcoin has furthered its drawdown with another 2% drop during the last 24 hours, which has taken its price to the $84,500 level. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
Data shows the sentiment among Bitcoin traders has plunged into the fear territory following the crash in the cryptocurrency’s price. Bitcoin Fear & Greed Index Has Plummeted During The Past Day The “Fear & Greed Index” refers to an indicator devised by Alternative that tells us about the average sentiment that’s currently present in the Bitcoin and wider cryptocurrency markets. This metric makes use of a numerical scale that runs from zero to hundred for representing the market mentality. All values above the 53 mark correlate to the investors sharing a sentiment of greed, while those under 47 suggest the presence of fear in the sector. The region in-between these cutoffs corresponds to a net neutral sentiment. Related Reading: Stablecoins See Positive Momentum: Will This Lead To New Bitcoin All-Time High? Besides these three main regions, there are also two special zones known as the extreme fear and extreme greed. The former occurs below 25 and the latter above 75. Now, here is how the latest market sentiment has looked according to the Bitcoin Fear & Greed Index: As is visible above, the indicator has a value of 44, which suggests the traders in the sector are being fearful at the moment. This is a drastic change from how the market has been recently, as the below chart displays. On the 31st of last month, the Bitcoin Fear & Greed Index had a value of 76, meaning that the market sentiment was inside the extreme greed territory. Just three days later, the trader’s opinion has completely flipped. The rapid deterioration in sentiment is a result of the bearish price action that the asset has witnessed this month, which has culminated in a crash during the past day. If history is to go by, though, the skepticism that has developed among the investors may actually be a positive sign for BTC’s price. Bitcoin and other digital assets often tend to move in a direction that’s opposite to what the crowd is expecting. The probability of such a contrary move taking place only rises the stronger the investors’ belief becomes. Related Reading: Bitcoin HODLer Selloff Extends To 1.1 Million BTC As Profit-Taking Continues Extreme greed and extreme fear are where this likelihood is the strongest, so major tops and bottoms have historically formed when the Fear & Greed Index has been in these regions. The top last month, for instance, also occurred alongside extreme greed. Traders who follow an investing philosophy called contrarian trading exploit this fact to time their moves. Warren Buffet‘s famous quote sums up the idea: “Be fearful when others are greedy, and greedy when others are fearful.” While the market sentiment hasn’t quite worsened into extreme fear yet, the fact that the metric is at its lowest value since October could still be a sign that a contrarian trader may be looking for. It now remains to be seen whether the current level of fear would be enough for Bitcoin to bottom out, or if a further drop will happen first. BTC Price At the time of writing, Bitcoin is floating around $95,200, down around 4% in the last 24 hours. Featured image from Dall-E, Alternative.me, chart from TradingView.com
On-chain data shows the Bitcoin Shrimps have been back to accumulation recently as their share of the total supply has risen to 6.9%. Bitcoin Shrimps Now Buying At A Rate Of 17,600 BTC Per Month In a new post on X, the on-chain analytics firm Glassnode has discussed about the recent trend in the supply […]
MicroStrategy slowed down Bitcoin buying last week, reporting the smallest BTC buy since July 2024.
Michael Saylor’s Microstrategy has just announced a new Bitcoin purchase that has taken the firm’s total holdings to 439,000 BTC. Microstrategy Has Bought Another 15,350 BTC A large buyer that has had a constant presence during this latest Bitcoin bull run has been Microstrategy. The cryptocurrency’s price has been racing up while the company has […]
On-chain data shows that big-money investors have been pouring into Bitcoin as large wallets have seen sharp growth in the past month and a half. Bitcoin Shark & Whale Wallets Have Gone Up By Almost 10% Recently According to data from the on-chain analytics firm Santiment, the Bitcoin addresses carrying at least 100 BTC have […]
Data shows social media users have reacted to the latest dip in the prices of Bitcoin and other cryptocurrencies by calling to buy. Bitcoin Dip Worth Buying According To Crowd On Social Media In a new post on X, the on-chain analytics firm Santiment has talked about the sentiment on the major social media platforms […]
Data shows the Bitcoin Coinbase Premium Gap has plunged into the negative territory following BTC’s latest high above $98,000. Bitcoin Coinbase Premium Gap Has Just Observed A Plummet As explained by CryptoQuant community analyst Maartunn in a new Quicktake post, the recent positive Coinbase Premium Gap has just disappeared. The “Coinbase Premium Gap” here refers […]
On-chain data shows the Bitcoin whales have continued to purchase more even at the recent highs, a sign that could be optimistic for the rally. Bitcoin Large Holders Netflow Has Continued To See Positive Spikes Recently According to data from the market intelligence platform IntoTheBlock, the number of BTC whales has recently increased. The on-chain […]
On-chain data shows Bitcoin whales may have quietly been accumulating at the recent price lows as exchanges have registered large withdrawals. Bitcoin Exchange Reserve Has Observed A Decline Recently As pointed out by analyst Ali Martinez in a post on X, exchanges have seen significant withdrawals over the last couple of days. The on-chain metric […]
The Bitcoin price has observed a surge back above the $71,000 level during the past day as buyers appear to have returned on Coinbase. Bitcoin Coinbase Premium Has Witnessed A Large Positive Spike As explained by CryptoQuant author Axel Adler Jr in a post on X, the BTC Coinbase Premium Index has registered a high […]
On-chain data shows the Coinbase exchange has just seen a massive Bitcoin outflow, a sign that some large-scale buying might be going on. Over 16,000 BTC Left The Coinbase Platform In The Past Day As pointed out by an analyst in a CryptoQuant Quicktake post, Coinbase has observed a huge outflow for the seventh time […]
Data from the on-chain analytics firm Glassnode has revealed that around 9.5% of the Bitcoin supply changed hands above the $60,000 level. 1.87 Million Bitcoin Was Acquired At Price Levels Higher Than $60,000 In its latest weekly report, Glassnode has shared how the supply distribution of Bitcoin looks in terms of which levels the investors […]
On-chain data shows the Bitcoin shark cohort has participated in its largest accumulation spree over the past month since 2012. Bitcoin Sharks Have Purchased More Than 268,000 BTC In The Last Month As analyst James Van Straten explains in a new post on X, Bitcoin entities holding between 100 and 1,000 BTC have made some large […]
The positive Bitcoin Coinbase Premium that drove the latest rally above $70,000 has dissipated, suggesting buying has already slowed down. Bitcoin Coinbase Premium Gap Has Returned To Neutral Levels CryptoQuant Netherlands community manager Maartunn explained in a post on X that the Bitcoin Coinbase Premium Gap has declined back toward the neutral line. The “Coinbase Premium Gap” here refers to a metric that keeps track of the difference between the BTC prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair). Related Reading: Bitcoin Sentiment Returns To Extreme Greed As BTC Breaks $71,000 When the value of this metric is positive, it means that the price listed on Coinbase is greater than that on Binance right now. Such a trend implies that the buying pressure on the former is higher than that on the latter platform (or alternatively, the selling pressure on there is just lower). On the other hand, a negative value can imply the selling pressure on Coinbase is higher than on Binance as the price of the cryptocurrency listed there is lower. Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the past few days: The value of the metric appears to have been close to the neutral line recently | Source: @JA_Maartun on X The chart shows that the Bitcoin Coinbase Premium Gap had taken to notably positive values as the latest upward push in the asset’s price had occurred. Since then, though, the metric has fallen, with its value approaching zero. It would seem that the buying pressure on the platform contributed to the surge. The fact that the rally has slowed since the metric returned to neutral levels may add further evidence. This isn’t unnatural for this year, however, as the Bitcoin price and Coinbase Premium Gap have shown a pretty tight relationship since the start of 2024. Coinbase is popularly known as the preferred platform of American institutional investors, while Binance hosts more global traffic. As such, the premium’s value provides insight into how the behavior of the US-based large holders differs from that of world users. Since the Coinbase Premium Gap has been the driver of the recent price surges, buying from these institutional entities could potentially have provided the fuel. Related Reading: Bitcoin Top In Yet? What The Legendary MVRV Ratio Says As the indicator’s value has now neared the neutral mark, it would imply that these whales have lifted their foot off the gas. Given the close relationship the metric and BTC price have held recently, it may be worth keeping an eye on how things develop in the coming days. BTC may register some decline if the premium flips into the red from here. Naturally, a continuation of positive values would be a bullish sign instead. BTC Price At the time of writing, Bitcoin is trading around the $70,100 level, up more than 11% over the past week. Looks like the value of the asset has been going up over the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com