{"id":568771,"date":"2024-01-10T00:00:49","date_gmt":"2024-01-10T00:00:49","guid":{"rendered":"https:\/\/wncen.com\/?p=568771"},"modified":"2024-06-11T08:01:18","modified_gmt":"2024-06-11T08:01:18","slug":"bitcoin-blasts-off-institutionals-buying-coinbase","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-blasts-off-institutionals-buying-coinbase\/","title":{"rendered":"Bitcoin Blasts Off As Institutionals Continue Buying On Coinbase"},"content":{"rendered":"

Bitcoin has observed a sharp rally beyond the $47,000 level as data shows buying pressure on Coinbase has displayed no signs of letting off.<\/p>\n

Bitcoin Has Surged More Than 4% In Last 24 Hours As ETF Deadline Nears<\/h2>\n

After the asset’s indecisiveness over the last few days, the cryptocurrency has appeared to have picked its direction in the last 24 hours, as its price has increased sharply.<\/p>\n

Related Reading: Bitcoin Correlation To Nasdaq Continues To Be Negative: What It Means<\/a><\/div>\n

At the peak of this surge, the coin had crossed beyond the $47,300 mark, but since then, the coin has registered some pullback as it’s now down to $46,500. The below chart shows how Bitcoin has performed during the last few days.<\/p>\n

\"Bitcoin<\/p>\n

Looks like the asset's price has blasted off in the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
With this surge, the coin is up over 4% in the last 24 hours. The only cryptocurrencies in the top 20 market cap list that have attained better returns during this period are Solana (SOL) and Bitcoin Cash (BCH).<\/p>\n
This latest rally to levels not visited since March 2022 has come for the cryptocurrency as the US SEC deadline for a decision on BTC spot ETFs<\/a> is approaching fast.<\/p>\n
With the expectation in the market widely being that the ETFs would get approved, it’s not surprising that buyers may be jumping in, expecting the asset to rally further after the ETFs start trading.<\/p>\n
Data of an indicator could also point towards large entities being involved in accumulation in this leadup to the day of decision.<\/p>\n
BTC Coinbase Premium Gap Has Been Positive For More Than A Week Now<\/h2>\n
As CryptoQuant Netherlands community manager Maartunn pointed out in a post<\/a> on X, the Bitcoin Coinbase Premium Gap has been positive for several consecutive days.<\/p>\n
The “Coinbase Premium Gap<\/a>” refers to a metric that keeps track of the difference between the Bitcoin prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair).<\/p>\n
This indicator’s value tells us about the difference in the buying (or selling) behaviors on the two largest platforms in the sector. Below is a chart showing the recent trend in this metric’s 14-day simple moving average (SMA).<\/p>\n
\"Image\"<\/p>\n
The value of the metric seems to have been green since a while now | Source: @JA_Maartun on X<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin Coinbase Premium Gap has been positive for almost 2024, with only one dip in the metric coming on the first day of the year.<\/p>\n
Related Reading: These Altcoins Are Showing Most Bullish & Bearish Divergences: Santiment<\/a><\/div>\n
This suggests that the buying pressure on Coinbase has been greater than on Binance for over a week now. US-based institutional investors widely use the former, while the latter hosts more global traffic.<\/p>\n
Thus, this indicates that large institutional traders have possibly been going shopping recently. Another indicator that suggests accumulation from the whales<\/a> is the “large holders netflow” metric from IntoTheBlock<\/a>, which has displayed positive spikes recently.<\/p>\n
\"Bitcoin<\/p>\n
The data for the BTC large holders netflow since the start of the year | Source: IntoTheBlock on X<\/a><\/pre>\n
“Large holders bought the dip! Bitcoin holders holding >1% of the supply accumulated more than 14k BTC <\/span>over the past week as prices dipped below $43k,” explains IntoTheBlock.<\/span><\/p>\n
Featured image from Shutterstock.com, charts from TradingView.com, CryptoQuant.com, IntoTheBlock.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has observed a sharp rally beyond the $47,000 level as data shows buying pressure on Coinbase has displayed no signs of letting off. Bitcoin Has Surged More Than 4% In Last 24 Hours As ETF Deadline Nears After the asset’s indecisiveness over the last few days, the cryptocurrency has appeared to have picked its direction in the last 24 hours, as its price has increased sharply. Related Reading: Bitcoin Correlation To Nasdaq Continues To Be Negative: What It Means At the peak of this surge, the coin had crossed beyond the $47,300 mark, but since then, the coin has registered some pullback as it’s now down to $46,500. The below chart shows how Bitcoin has performed during the last few days. Looks like the asset’s price has blasted off in the past day | Source: BTCUSD on TradingView With this surge, the coin is up over 4% in the last 24 hours. The only cryptocurrencies in the top 20 market cap list that have attained better returns during this period are Solana (SOL) and Bitcoin Cash (BCH). This latest rally to levels not visited since March 2022 has come for the cryptocurrency as the US SEC deadline for a decision on BTC spot ETFs is approaching fast. With the expectation in the market widely being that the ETFs would get approved, it’s not surprising that buyers may be jumping in, expecting the asset to rally further after the ETFs start trading. Data of an indicator could also point towards large entities being involved in accumulation in this leadup to the day of decision. BTC Coinbase Premium Gap Has Been Positive For More Than A Week Now As CryptoQuant Netherlands community manager Maartunn pointed out in a post on X, the Bitcoin Coinbase Premium Gap has been positive for several consecutive days. The “Coinbase Premium Gap” refers to a metric that keeps track of the difference between the Bitcoin prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair). This indicator’s value tells us about the difference in the buying (or selling) behaviors on the two largest platforms in the sector. Below is a chart showing the recent trend in this metric’s 14-day simple moving average (SMA). The value of the metric seems to have been green since a while now | Source: @JA_Maartun on X As displayed in the above graph, the Bitcoin Coinbase Premium Gap has been positive for almost 2024, with only one dip in the metric coming on the first day of the year. Related Reading: These Altcoins Are Showing Most Bullish & Bearish Divergences: Santiment This suggests that the buying pressure on Coinbase has been greater than on Binance for over a week now. US-based institutional investors widely use the former, while the latter hosts more global traffic. Thus, this indicates that large institutional traders have possibly been going shopping recently. Another indicator that suggests accumulation from the whales is the “large holders netflow” metric from IntoTheBlock, which has displayed positive spikes recently. The data for the BTC large holders netflow since the start of the year | Source: IntoTheBlock on X “Large holders bought the dip! Bitcoin holders holding >1% of the supply accumulated more than 14k BTC over the past week as prices dipped below $43k,” explains IntoTheBlock. Featured image from Shutterstock.com, charts from TradingView.com, CryptoQuant.com, IntoTheBlock.com<\/p>\n","protected":false},"author":542,"featured_media":568780,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,87965,86244,89184,91128,6481,1119,1144,1393],"class_list":["post-568771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-coinbase-premium","tag-bitcoin-coinbase-premium-gap","tag-bitcoin-institutional-investors","tag-bitcoin-institutionals","tag-bitcoin-rally","tag-btc","tag-btcusd","tag-coinbase"],"acf":[],"yoast_head":"\nBitcoin Blasts Off As Institutionals Continue Buying On Coinbase<\/title>\n<meta name=\"description\" content=\"Bitcoin has observed a sharp rally beyond the $47,000 level as data shows buying pressure on 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Blasts Off As Institutionals Continue Buying On Coinbase","url":"http:\/\/wncen.com\/news\/bitcoin-blasts-off-institutionals-buying-coinbase\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-blasts-off-institutionals-buying-coinbase\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/shutterstock_1909225819.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/shutterstock_1909225819.jpg?fit=8000%2C4500"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin coinbase premium","bitcoin coinbase premium gap","bitcoin institutional investors","bitcoin institutionals","bitcoin rally","btc","btcusd","coinbase"],"dateCreated":"2024-01-10T00:00:49Z","datePublished":"2024-01-10T00:00:49Z","dateModified":"2024-06-11T08:01:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Blasts Off As Institutionals Continue Buying On Coinbase\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-blasts-off-institutionals-buying-coinbase\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-blasts-off-institutionals-buying-coinbase\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/shutterstock_1909225819.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/shutterstock_1909225819.jpg?fit=8000%2C4500\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin coinbase premium\",\"bitcoin coinbase premium gap\",\"bitcoin institutional investors\",\"bitcoin institutionals\",\"bitcoin rally\",\"btc\",\"btcusd\",\"coinbase\"],\"dateCreated\":\"2024-01-10T00:00:49Z\",\"datePublished\":\"2024-01-10T00:00:49Z\",\"dateModified\":\"2024-06-11T08:01:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/shutterstock_1909225819.jpg?fit=8000%2C4500","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/568771"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=568771"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/568771\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/568780"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=568771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=568771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=568771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}