Die BTC-Prämie an der größten in den USA ansässigen Cryptowährungsbörse ist auf ein negatives Niveau gesunken, das zuletzt vor fast drei Jahren beobachtet wurde. Dies geschieht inmitten der breiteren Marktkorrektur und deutet darauf hin, dass Wale und größere Akteure Coinbase genutzt haben, um erhebliche Teile ihrer Bitcoin-Bestände zu verkaufen.
Bitcoin Coinbase Premium dumps hard
That BlockchainAnalytical firm CryptoQuant is also comparing the BTC price on two of the largest crypto exchanges, namely Binance and Coinbase tether and USD respectively to see if there is a difference called “Coinbase Premium”.
This metric tracks BTC movements from institutions and players with larger market capitalization (whales) on Coinbase (and Coinbase Pro), which are typically seen as the go-to place for such investors. Essentially, the higher this premium, the greater the institutional demand and vice versa.
According to CryptoQuant, this metric has dropped sharply since the beginning of the month. As the chart below shows, it’s been well in the “green” for consecutive months, but fell to its lowest level in 35 months. The analysis resource attributed it to larger investors who sold their fortunes on Coinbase.
Bitcoin Coinbase Premiumindex. CryptoQuant
The CryptoQuant analyst wrote:
“Financial markets are currently acting risk-averse, so this is not surprising. I would expect investors from the traditional financial sector in particular to reduce their exposure to Bitcoin in such a situation.”
The Bitcoin meltdown
The Coinbase Premium Index turned negative as the entire cryptocurrency market led by BTC went straight south. Just days after the first signs of significant selling on Coinbase, the primary digital asset was down $4,000 from $40,000 to $36,000.
However, the price continued to fall over the following days, resulting in a massive price drop to $25,300 (on Bitstamp) today. This became the lowest price point of BTC since late December 2020. Alternative coins are in even worse shape with double-digit declines.
This only supports the theory that whales and institutions are most likely the fuel behind the recent one correction was. As such, it would be interesting to follow how Coinbase Premium will perform over the next week or so.
Source: Crypto News Deutsch