Why did Bitcoin fall below $33K? Coinbase whales might have the answer
A look at Coinbase Pro's BTC price premium suggests that selling is underway on Thursday, as Bitcoin falls 7% in 24 hours. Bitcoin (BTC) slid under $33,000 for the first time in over a week on Jan. 21 as selling pressure gathered to drive price action lower.Coinbase Premium abruptly dropsData from Cointelegraph Markets and TradingView showed BTC/USD continuing its downtrend on Thursday, dropping 7.% on the day and failing to bounce off $33,000 support.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewThe latest move, which brings Bitcoin down over 13% versus its highs from....
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A negative premium implies that accumulation will last a little longer, meaning that $50,000 as support may have to wait too. Bitcoin (BTC) has already hit $50,000 on some exchanges but needs to get whales on its side to flip it to definitive support, data suggests.In a tweet on Feb. 16, Ki Young Ju, CEO of on-chain analytics service CryptoQuant, highlighted the so-called "Coinbase premium" as one of the final hurdles for BTC/USD.Negative premium slows upward grindOn Tuesday, a clear battle was emerging within Bitcoin trading as $50,000 stayed de facto out of reach for bulls.Analyzing the....
The founder and CEO of the analytics firm CryptoQuant has pointed out how the latest Bitcoin rally saw buying from the Coinbase exchange whales. Bitcoin Coinbase Premium Index Saw A Sharp Green Spike Alongside Rally In a new post on X, CryptoQuant founder and CEO Ki Young Ju has talked about the latest trend in […]
Ethereum has seen the price of its native token ETH drop alongside Bitcoin as the bear market continues to gain group. This has triggered fear among investors, leading to high selling pressure on the digital asset. Even the Ethereum whales are now dancing to the tune of the bear market as they have begun to send large amounts of ETH to centralized exchanges. Ethereum Whales Push Toward Selling A recent Santiment report posted on the X (formerly Twitter) platform has shown that Ethereum whales may be looking to exit stage left at this time. The chart which was posted by the on-chain data....
Ethereum whales are no doubt some of the biggest fans of meme coin Shiba Inu but it seems even the whales are starting to feel the heat of the downtrend. This has resulted in the top whales significantly decreasing their holding in the digital asset. Now, these whales still hold a reasonable portion of […]
Data shows the Bitcoin Coinbase Premium Gap has just turned back positive, a sign that buyers have returned on the platform. Bitcoin Coinbase Premium Gap Is Now Green Again As pointed out by CryptoQuant community analyst Maartunn in a new post on X, the Bitcoin Coinbase Premium Gap has just flipped back positive. The indicator […]