With the sudden push in Bitcoin price in the last few days, speculation is rife around next big price action. However, institutional investors and big Bitcoin whales appear to have clear plans amid market uncertainty. Pointing to this direction is Coinbase premium, a key indicator that can be used to assess the mood of big investors.
Coinbase Premium Is Finally Positive
Data from Crypto Quant signal that there could finally be respite to 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 big whales. The last time Coinbase premium indicator was consistently green was way back in early May.
“For a long, long period Coinbase Premium was negative. It gives a clear signal that US high net worth and institutional investors are unloading Bitcoins.”
The latest trend also underlines the sentiment that the selling pressure is finally diminished. With Coinbase premium rising to above zero levels, signals are that most selling is now over. Meanwhile, the analysts feel the slowing down of selling pressure is good not only for Bitcoin whales but also to the crypto market. “Reduced selling pressure gives opportunities to higher prices, which is actually very good for the market.”
Whale Accumulation On The Rise
When looked at data on Bitcoin balance distribution addresses, the trend clearly shows that big whales have increased their holdings. However, smaller players appear to be still on the selling spree or not opting to buy Bitcoin yet. The number of addresses having below 10,000 Bitcoin have in the recent times decreased their assets. Whereas those addresses which have over 10,000 BTC clearly are accumulating more Bitcoin.
Meanwhile, Bitcoin surged by around $4,000 in the space of just a week. As of writing, Bitcoin price stands 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% over the space of just one week. From $385 billion on June 13 to $445 billion on June 19, Bitcoin picked up quite well.