Bitcoin Whale Sell Signals From Coinbase Premium, What Next?
With the sudden push in the Bitcoin price in recent days, there is speculation about the next big price action. However, institutional investors and major Bitcoin whales seem to have clear plans amid market uncertainty. Pointing in this direction is the Coinbase premium, a key indicator that can be used to assess the mood of large investors.
Coinbase Premium is finally positive
Data from Crypto Quant signals that there may finally be respite for the market from selling pressure. According to maartunn, the Coinbase premium turned green recently after a long time. The data shows that there is clearly interest in buying Bitcoin from large whales. The last time the Coinbase premium indicator was consistently green was way back in early May.
“For a long, long period of time, Coinbase Premium was negative. It sends a clear signal that US high net worth and institutional investors are offloading Bitcoins.”
The latest trend also underlines the feeling that selling pressure has finally eased. With the Coinbase premium rising to levels above zero, the signals are that most of the selling is now over. Meanwhile, the analysts feel that the slowdown in selling pressure is good not only for Bitcoin whales but also for the crypto market. “Reduced selling pressure provides opportunities for higher prices, which is actually very good for the market.”
Whale accumulation on the rise
Looking at data on Bitcoin balance distribution addresses, the trend clearly shows that large whales have increased their holdings. However, it seems that smaller players are still on a selling spree or are not choosing to buy Bitcoin yet. The number of addresses with less than 10,000 Bitcoin has recently reduced their assets. While those addresses that have over 10,000 BTC are clearly accumulating more Bitcoin.
Meanwhile, Bitcoin rose by around $4,000 in just one week. At the time of writing, the Bitcoin price is at $23,800, up 1.73% in the last 24 hours, according to price tracker CoinMarketCap. On a weekly basis, the cryptocurrency increased in value by a staggering 20.39%. On the market cap front, Bitcoin’s market size grew by over 15% in just one week. From $385 billion on June 13 to $445 billion on June 19, Bitcoin recovered quite well.
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.
