{"id":599834,"date":"2024-03-27T00:00:07","date_gmt":"2024-03-27T00:00:07","guid":{"rendered":"https:\/\/uniquehot.com\/?p=599834"},"modified":"2024-06-11T07:11:02","modified_gmt":"2024-06-11T07:11:02","slug":"bitcoin-coinbase-premium-neutral-buying-push","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-coinbase-premium-neutral-buying-push\/","title":{"rendered":"Bitcoin Coinbase Premium Returns To Neutral: Buying Push Already Over?"},"content":{"rendered":"

The positive Bitcoin Coinbase Premium that drove the latest rally above $70,000 has dissipated, suggesting buying has already slowed down.<\/p>\n

Bitcoin Coinbase Premium Gap Has Returned To Neutral Levels<\/h2>\n

CryptoQuant Netherlands community manager Maartunn explained in a post<\/a> on X that the Bitcoin Coinbase Premium Gap has declined back toward the neutral line.<\/p>\n

The “Coinbase Premium Gap<\/a>” here refers to a metric that keeps track of the difference between the BTC prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair).<\/p>\n

Related Reading: Bitcoin Sentiment Returns To Extreme Greed As BTC Breaks $71,000<\/a><\/div>\n

When the value of this metric is positive, it means that the price listed on Coinbase is greater than that on Binance right now. Such a trend implies that the buying pressure on the former is higher than that on the latter platform (or alternatively, the selling pressure on there is just lower).<\/p>\n

On the other hand, a negative value can imply the selling pressure on Coinbase is higher than on Binance as the price of the cryptocurrency listed there is lower.<\/p>\n

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

\"Bitcoin<\/p>\n

The value of the metric appears to have been close to the neutral line recently | Source: @JA_Maartun on X<\/a><\/pre>\n
The chart shows that the Bitcoin Coinbase Premium Gap had taken to notably positive values as the latest upward push<\/a> in the asset’s price had occurred. Since then, though, the metric has fallen, with its value approaching zero.<\/p>\n
It would seem that the buying pressure on the platform contributed to the surge. The fact that the rally has slowed since the metric returned to neutral levels may add further evidence.<\/p>\n
This isn’t unnatural for this year, however, as the Bitcoin price and Coinbase Premium Gap have shown a pretty tight relationship since the start of 2024.<\/p>\n
Coinbase is popularly known as the preferred platform of American institutional investors, while Binance hosts more global traffic. As such, the premium’s value provides insight into how the behavior of the US-based large holders differs from that of world users.<\/p>\n
Since the Coinbase Premium Gap has been the driver of the recent price surges, buying from these institutional entities could potentially have provided the fuel.<\/p>\n
Related Reading: Bitcoin Top In Yet? What The Legendary MVRV Ratio Says<\/a><\/div>\n
As the indicator’s value has now neared the neutral mark, it would imply that these whales have lifted their foot off the gas. Given the close relationship the metric and BTC price have held recently, it may be worth keeping an eye on how things develop in the coming days.<\/p>\n
BTC may register some decline if the premium flips into the red from here. Naturally, a continuation of positive values would be a bullish sign instead.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around the $70,100 level, up more than 11% over the past week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the value of the asset has been going up over the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The positive Bitcoin Coinbase Premium that drove the latest rally above $70,000 has dissipated, suggesting buying has already slowed down. Bitcoin Coinbase Premium Gap Has Returned To Neutral Levels CryptoQuant Netherlands community manager Maartunn explained in a post on X that the Bitcoin Coinbase Premium Gap has declined back toward the neutral line. The “Coinbase Premium Gap” here refers to a metric that keeps track of the difference between the BTC prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair). Related Reading: Bitcoin Sentiment Returns To Extreme Greed As BTC Breaks $71,000 When the value of this metric is positive, it means that the price listed on Coinbase is greater than that on Binance right now. Such a trend implies that the buying pressure on the former is higher than that on the latter platform (or alternatively, the selling pressure on there is just lower). On the other hand, a negative value can imply the selling pressure on Coinbase is higher than on Binance as the price of the cryptocurrency listed there is lower. Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the past few days: The value of the metric appears to have been close to the neutral line recently | Source: @JA_Maartun on X The chart shows that the Bitcoin Coinbase Premium Gap had taken to notably positive values as the latest upward push in the asset’s price had occurred. Since then, though, the metric has fallen, with its value approaching zero. It would seem that the buying pressure on the platform contributed to the surge. The fact that the rally has slowed since the metric returned to neutral levels may add further evidence. This isn’t unnatural for this year, however, as the Bitcoin price and Coinbase Premium Gap have shown a pretty tight relationship since the start of 2024. Coinbase is popularly known as the preferred platform of American institutional investors, while Binance hosts more global traffic. As such, the premium’s value provides insight into how the behavior of the US-based large holders differs from that of world users. Since the Coinbase Premium Gap has been the driver of the recent price surges, buying from these institutional entities could potentially have provided the fuel. Related Reading: Bitcoin Top In Yet? What The Legendary MVRV Ratio Says As the indicator’s value has now neared the neutral mark, it would imply that these whales have lifted their foot off the gas. Given the close relationship the metric and BTC price have held recently, it may be worth keeping an eye on how things develop in the coming days. BTC may register some decline if the premium flips into the red from here. Naturally, a continuation of positive values would be a bullish sign instead. BTC Price At the time of writing, Bitcoin is trading around the $70,100 level, up more than 11% over the past week. Looks like the value of the asset has been going up over the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":599859,"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":[428,5493,88035,87965,86244,6481,1119,1144,1393],"class_list":["post-599834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-buying","tag-bitcoin-buying-pressure","tag-bitcoin-coinbase-premium","tag-bitcoin-coinbase-premium-gap","tag-bitcoin-rally","tag-btc","tag-btcusd","tag-coinbase"],"acf":[],"yoast_head":"\nBitcoin Coinbase Premium Returns To Neutral: Buying Push Already Over?<\/title>\n<meta name=\"description\" content=\"The 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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 Coinbase Premium Returns To Neutral: Buying Push Already Over?","url":"http:\/\/uniquehot.com\/news\/bitcoin-coinbase-premium-neutral-buying-push\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-coinbase-premium-neutral-buying-push\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/kanchanara-7E3QGntO66M-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/kanchanara-7E3QGntO66M-unsplash.jpg?fit=6048%2C4024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin buying","bitcoin buying pressure","bitcoin coinbase premium","bitcoin coinbase premium gap","bitcoin rally","btc","btcusd","coinbase"],"dateCreated":"2024-03-27T00:00:07Z","datePublished":"2024-03-27T00:00:07Z","dateModified":"2024-06-11T07:11:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Coinbase Premium Returns To Neutral: Buying Push Already Over?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-coinbase-premium-neutral-buying-push\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-coinbase-premium-neutral-buying-push\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/kanchanara-7E3QGntO66M-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/kanchanara-7E3QGntO66M-unsplash.jpg?fit=6048%2C4024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin buying\",\"bitcoin buying pressure\",\"bitcoin coinbase premium\",\"bitcoin coinbase premium gap\",\"bitcoin rally\",\"btc\",\"btcusd\",\"coinbase\"],\"dateCreated\":\"2024-03-27T00:00:07Z\",\"datePublished\":\"2024-03-27T00:00:07Z\",\"dateModified\":\"2024-06-11T07:11:02Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/kanchanara-7E3QGntO66M-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/599834"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=599834"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/599834\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/599859"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=599834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=599834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=599834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}