{"id":569245,"date":"2024-01-12T18:30:32","date_gmt":"2024-01-12T18:30:32","guid":{"rendered":"https:\/\/wncen.com\/?p=569245"},"modified":"2024-06-11T12:25:56","modified_gmt":"2024-06-11T12:25:56","slug":"bitcoin-erases-49000-etf-rally-coinbase-selling","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-erases-49000-etf-rally-coinbase-selling\/","title":{"rendered":"Bitcoin Erases $49,000 ETF Rally As Coinbase Users Take To Selling"},"content":{"rendered":"

Bitcoin had earlier shown a sharp rally toward the $49,000 mark, but the asset was quick to retrace the entire surge as the Coinbase Premium turned negative.<\/p>\n

Bitcoin Coinbase Premium Gap Plunged Into Negative During Past Day<\/h2>\n

As pointed out by CryptoQuant Netherlands community manager Maartunn in a post<\/a> on X, the Coinbase Premium Gap has now turned notably negative after being mostly positive for the last few days.<\/p>\n

The “Coinbase Premium Gap<\/a>” refers to the difference between the Bitcoin prices listed on the cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair).<\/p>\n

Related Reading: Is Bitcoin Near Top Yet? What Glassnode\u2019s Price Multiplier Model Says<\/a><\/div>\n

This indicator’s value basically provides hints about how the buying or selling behaviors on these two largest platforms in the sector differ from each other right now.<\/p>\n

When the metric has a positive value, it means that the price listed on Coinbase is higher than on Binance currently. Such a trend implies the former platform’s users are participating in a higher amount of buying (or lower amount of selling) than the Binance users.<\/p>\n

On the other hand, the indicator being positive suggests that Binance might be observing a higher degree of buying pressure at the moment as the price listed on the exchange is greater.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap since the start of the year:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has taken a plunge during the past day | Source: @JA_Maartunn on X<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin Coinbase Premium Gap has observed a sharp plunge down into the negative territory during the past day or so. Before this plummet, the indicator had been mostly at positive values since the start of the year.<\/p>\n
There were a few dips into the red zone earlier as well, but the indicator only attained minor negative values during these drops. This time, though, the premium is down to significantly negative levels.<\/p>\n
The price surges this year were being driven by the buyers on Coinbase, as the price rose every time the premium did as well. Coinbase is popularly known to be used by US institutional investors, so the green premium suggested that these large entities were buying, most likely in anticipation of the ETFs, which finally gained approval<\/a> on January 10th.<\/p>\n
Related Reading: PEPE Breaks Out Of Descending Channel: Analyst Puts These Targets<\/a><\/div>\n
A while after this approval, BTC went on to sharply rally toward the $49,000 level, but the asset’s run was very short-lived as its price plummeted hard back towards the price prior to the move, thus erasing all the gains<\/a>.<\/p>\n
The Coinbase Premium Gap had been notably positive alongside the surge, but the indicator then showed its plunge into the negative territory alongside this quick retrace. It would appear that some American institutional traders may have used the opportunity to harvest their profits.<\/p>\n
BTC Price<\/h2>\n
Bitcoin has been moving sideways since the quick rally and drawdown, as its price is still floating around the $45,800 level.<\/p>\n
\"Bitcoin<\/p>\n
The price of the coin seems to have shown an overall trend of consolidation recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin had earlier shown a sharp rally toward the $49,000 mark, but the asset was quick to retrace the entire surge as the Coinbase Premium turned negative. Bitcoin Coinbase Premium Gap Plunged Into Negative During Past Day As pointed out by CryptoQuant Netherlands community manager Maartunn in a post on X, the Coinbase Premium Gap has now turned notably negative after being mostly positive for the last few days. The “Coinbase Premium Gap” refers to the difference between the Bitcoin prices listed on the cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair). Related Reading: Is Bitcoin Near Top Yet? What Glassnode\u2019s Price Multiplier Model Says This indicator’s value basically provides hints about how the buying or selling behaviors on these two largest platforms in the sector differ from each other right now. When the metric has a positive value, it means that the price listed on Coinbase is higher than on Binance currently. Such a trend implies the former platform’s users are participating in a higher amount of buying (or lower amount of selling) than the Binance users. On the other hand, the indicator being positive suggests that Binance might be observing a higher degree of buying pressure at the moment as the price listed on the exchange is greater. Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap since the start of the year: Looks like the value of the metric has taken a plunge during the past day | Source: @JA_Maartunn on X As displayed in the above graph, the Bitcoin Coinbase Premium Gap has observed a sharp plunge down into the negative territory during the past day or so. Before this plummet, the indicator had been mostly at positive values since the start of the year. There were a few dips into the red zone earlier as well, but the indicator only attained minor negative values during these drops. This time, though, the premium is down to significantly negative levels. The price surges this year were being driven by the buyers on Coinbase, as the price rose every time the premium did as well. Coinbase is popularly known to be used by US institutional investors, so the green premium suggested that these large entities were buying, most likely in anticipation of the ETFs, which finally gained approval on January 10th. Related Reading: PEPE Breaks Out Of Descending Channel: Analyst Puts These Targets A while after this approval, BTC went on to sharply rally toward the $49,000 level, but the asset’s run was very short-lived as its price plummeted hard back towards the price prior to the move, thus erasing all the gains. The Coinbase Premium Gap had been notably positive alongside the surge, but the indicator then showed its plunge into the negative territory alongside this quick retrace. It would appear that some American institutional traders may have used the opportunity to harvest their profits. BTC Price Bitcoin has been moving sideways since the quick rally and drawdown, as its price is still floating around the $45,800 level. The price of the coin seems to have shown an overall trend of consolidation recently | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":569281,"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":[428,87965,86244,532,91160,16136,1119,1144,1393],"class_list":["post-569245","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-etf","tag-bitcoin-etf-rally","tag-bitcoin-selloff","tag-btc","tag-btcusd","tag-coinbase"],"acf":[],"yoast_head":"\nBitcoin Erases $49,000 ETF Rally As Coinbase Users Take To Selling<\/title>\n<meta name=\"description\" content=\"Bitcoin had shown a 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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 Erases $49,000 ETF Rally As Coinbase Users Take To Selling","url":"http:\/\/wncen.com\/news\/bitcoin-erases-49000-etf-rally-coinbase-selling\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-erases-49000-etf-rally-coinbase-selling\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/shutterstock_2074133723-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/shutterstock_2074133723-1.jpg?fit=3840%2C2160"},"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 etf","bitcoin etf rally","bitcoin selloff","btc","btcusd","coinbase"],"dateCreated":"2024-01-12T18:30:32Z","datePublished":"2024-01-12T18:30:32Z","dateModified":"2024-06-11T12:25:56Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Erases $49,000 ETF Rally As Coinbase Users Take To Selling\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-erases-49000-etf-rally-coinbase-selling\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-erases-49000-etf-rally-coinbase-selling\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/shutterstock_2074133723-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/shutterstock_2074133723-1.jpg?fit=3840%2C2160\"},\"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 etf\",\"bitcoin etf rally\",\"bitcoin selloff\",\"btc\",\"btcusd\",\"coinbase\"],\"dateCreated\":\"2024-01-12T18:30:32Z\",\"datePublished\":\"2024-01-12T18:30:32Z\",\"dateModified\":\"2024-06-11T12:25:56Z\"}<\/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_2074133723-1.jpg?fit=3840%2C2160","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/569245"}],"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=569245"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/569245\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/569281"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=569245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=569245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=569245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}