- Coinbase Premium, which has been negative for the past few days, has finally become positive and has grown to over 50 almost a week later. Coinbase suggested that Bitcoin whales again started buying the top cryptocurrency, leading to a price difference of around $ 66 between Coinbase and Binance.
Coinbase Premium, which has been negative for the past few days, has finally become positive and has grown to over 50 almost a week later. Coinbase suggested that Bitcoin whales again started buying the top cryptocurrency, leading to a price difference of around $ 66 between Coinbase and Binance.
What is Coinbase Premium?
Coinbase Premium, the price difference between the Coinbase spot market and the Binance spot market emerged as one of the key indicators for tracking Bitcoin whale sentiment this season.
Although Bitcoin is showing signs of breaking, it seems stuck in the $ 30,000 to $ 35,000 price range over the past few weeks. The top cryptocurrency is currently trying to regain its $ 31,000 levels after reaching a daily low of $ 30,535.
Bitcoin experiencing correction after seeing ATH
After hitting an all-time high of $ 42,000, Bitcoin has experienced a market correction of over 10% in the past three weeks and has surpassed the $ 40,000 price level only once after ATH. While in-chain measurements seem quite strong, the price action did not resonate in the same way.
Many trading experts claimed that if the top cryptocurrency fails to hold the $ 28,000 support, it could return to levels below $ 25,000. While Coinbase Premium reflects whale sentiment, another metric called the stock market whale rate signals a decline as it approaches 0.9 marks.
The stock market whale rate is another metric developed by CryptoQuant that tracks the ratio of the top 10 trades to entries. This value is usually above 0.85 in bear markets, while it is typically below 0.85 in bull markets.
Two conflicting measures are a result of the current market movement. However, Bitcoin still seems to be bullish in the long run.