{"id":551931,"date":"2023-09-19T15:00:45","date_gmt":"2023-09-19T15:00:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=551931"},"modified":"2024-06-11T07:59:55","modified_gmt":"2024-06-11T07:59:55","slug":"bitcoin-rally-driven-by-coinbase-users-premium","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-rally-driven-by-coinbase-users-premium\/","title":{"rendered":"Bitcoin Rally Driven By Coinbase Users? Premium Would Say So"},"content":{"rendered":"

The Bitcoin Coinbase Premium Gap has been positive during the past few days, implying the surge above $27,000 may be driven by the platform’s users.<\/p>\n

Coinbase Users Have Been Participating In Aggressive Bitcoin Buying Recently<\/h2>\n

In a new post<\/a> on X, the CryptoQuant Netherlands community manager, Maartunn, has pointed out how there appears to have been buying going on at Coinbase recently.<\/p>\n

The relevant indicator here is the “Coinbase Premium Gap<\/a>,” which keeps track of the difference between the Bitcoin prices listed on the cryptocurrency exchanges Coinbase and Binance<\/a>.<\/p>\n

The former platform is more popular among US-based investors (including large institutional holders), while the latter receives more global traffic. As such, the Premium Gap’s value may provide insight into how the behaviors of these two audiences differ.<\/p>\n

When the value of this metric is positive, it means that the price on Coinbase is greater than that on Binance right now. This would imply that the American investors have either been applying a higher buying pressure or a lower selling pressure as compared to the global users.<\/p>\n

Related Reading: This Bitcoin Metric Continues To Retest Bear-Bull Junction, Will A Break Happen?<\/a><\/div>\n

Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the last few days:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has been going up in recent days | Source: @JA_Maartun on X<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin Coinbase Premium Gap had been negative earlier in the month, implying that Coinbase users had been selling more than Binance users.<\/p>\n
The metric had turned especially deep in the leadup to and during the plunge towards the $25,000 level, suggesting the selloff was driven by the American holders.<\/p>\n
During the recovery that had followed, the Premium Gap had turned positive, but only after a delay, implying that the US-based investors didn’t initially contribute towards the surge.<\/p>\n
Since then, however, the indicator has remained at notable positive values, meaning that the platform’s user base has been constantly accumulating the cryptocurrency.<\/p>\n
Related Reading: Next Bitcoin Peak: Why It Could Still Be 2 Years Away<\/a><\/div>\n
From the graph, it’s visible that the buying on Coinbase appears to have only ramped up during the past couple of days, as the Premium Gap has observed a sharp spike.<\/p>\n
The timing of this surge could indicate that the US-based investors are the ones helping the asset’s recent growth beyond the $27,000 level<\/a>. This is a good sign, naturally, as strong buying pressure from the US institutional holders could provide the appropriate fuel for the cryptocurrency to retest higher levels.<\/p>\n
It now remains to be seen whether the Bitcoin Coinbase Premium Gap would continue to remain at positive values in the coming days, or if buying would cool down on the platform.<\/p>\n
BTC Price<\/h2>\n
Bitcoin had observed a sharp drop from the $27,200 level to $26,600 yesterday but has since made a swift recovery back to the mark, as the below chart displays.<\/p>\n
\"Bitcoin<\/p>\n
BTC has gone through a bit of a rollercoaster during the past couple of days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Michael F\u00f6rtsch on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin Coinbase Premium Gap has been positive during the past few days, implying the surge above $27,000 may be driven by the platform’s users. Coinbase Users Have Been Participating In Aggressive Bitcoin Buying Recently In a new post on X, the CryptoQuant Netherlands community manager, Maartunn, has pointed out how there appears to have been buying going on at Coinbase recently. The relevant indicator here is the “Coinbase Premium Gap,” which keeps track of the difference between the Bitcoin prices listed on the cryptocurrency exchanges Coinbase and Binance. The former platform is more popular among US-based investors (including large institutional holders), while the latter receives more global traffic. As such, the Premium Gap’s value may provide insight into how the behaviors of these two audiences differ. When the value of this metric is positive, it means that the price on Coinbase is greater than that on Binance right now. This would imply that the American investors have either been applying a higher buying pressure or a lower selling pressure as compared to the global users. Related Reading: This Bitcoin Metric Continues To Retest Bear-Bull Junction, Will A Break Happen? Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the last few days: Looks like the value of the metric has been going up in recent days | Source: @JA_Maartun on X As displayed in the above graph, the Bitcoin Coinbase Premium Gap had been negative earlier in the month, implying that Coinbase users had been selling more than Binance users. The metric had turned especially deep in the leadup to and during the plunge towards the $25,000 level, suggesting the selloff was driven by the American holders. During the recovery that had followed, the Premium Gap had turned positive, but only after a delay, implying that the US-based investors didn’t initially contribute towards the surge. Since then, however, the indicator has remained at notable positive values, meaning that the platform’s user base has been constantly accumulating the cryptocurrency. Related Reading: Next Bitcoin Peak: Why It Could Still Be 2 Years Away From the graph, it’s visible that the buying on Coinbase appears to have only ramped up during the past couple of days, as the Premium Gap has observed a sharp spike. The timing of this surge could indicate that the US-based investors are the ones helping the asset’s recent growth beyond the $27,000 level. This is a good sign, naturally, as strong buying pressure from the US institutional holders could provide the appropriate fuel for the cryptocurrency to retest higher levels. It now remains to be seen whether the Bitcoin Coinbase Premium Gap would continue to remain at positive values in the coming days, or if buying would cool down on the platform. BTC Price Bitcoin had observed a sharp drop from the $27,200 level to $26,600 yesterday but has since made a swift recovery back to the mark, as the below chart displays. BTC has gone through a bit of a rollercoaster during the past couple of days | Source: BTCUSD on TradingView Featured image from Michael F\u00f6rtsch on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":551951,"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":[428,86244,6481,1119,1144,1393,84124],"class_list":["post-551931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-coinbase-premium-gap","tag-bitcoin-rally","tag-btc","tag-btcusd","tag-coinbase","tag-crypto-exchange-coinbase"],"acf":[],"yoast_head":"\nBitcoin Rally Driven By Coinbase Users? 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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:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Rally Driven By Coinbase Users? 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