Data shows the Bitcoin Coinbase Premium Gap has plunged into the negative territory following BTC’s latest high above $98,000.

Bitcoin Coinbase Premium Gap Has Just Observed A Plummet

As explained by CryptoQuant community analyst Maartunn in a recent Quicktake post, the recent positive Coinbase Premium Gap has just disappeared. The “Coinbase Premium Gap” here refers to an indicator that measures the difference between the Bitcoin prices listed on Coinbase (USD pair) and Binance (USDT pair).

When the worth of this metric is positive, the BTC price on Coinbase is bigger than on Binance right away. Such a trend implies that the previous is observing a better buying or lower selling pressure than the latter.

Alternatively, the indicator being under zero suggests Binance stands out as the platform observing the upper buying pressure as BTC is trading at a better rate than Coinbase.

Now, here’s a chart that shows the trend within the Bitcoin Coinbase Premium Gap during the last couple of days:

The worth of the metric appears to have turned red | Source: CryptoQuant

As displayed within the above graph, the Bitcoin Coinbase Premium Gap was positive through the last two days, implying notable buying pressure on the platform.

Alongside this buying, BTC set a recent all-time high (ATH) above $98,000. For the reason that record, though, the indicator’s value has declined, and a slight dip into the negative zone has been observed.

For much of 2024, the Coinbase Premium Gap has been a driver for bullish BTC price motion, with negative values often not sign for the asset.

Coinbase is the primary platform for American investors, especially large institutional entities, while Binance has users worldwide. As such, the Coinbase Premium Gap tells us how US-based whales differ in behavior from offshore ones.

Given the tight relationship that the metric has held with BTC this 12 months, American institutional investors appear to be running the show. With the indicator declining to neutral-negative levels, these entities could also be done with buying for now. In that case, Bitcoin could see a pause in its rally.

The metric continues to be to regulate in the approaching days, though, as things can change quickly, with a reversal to positive levels potentially signaling the green light for the run.

In another news article, a whale has just moved 500 BTC between 7 and 10 years old, as Maartunn identified in an X post.

The information for the transactions of tokens aged between 7 and 10 years old | Source: @JA_Maartun on X

Generally, transfers of old coins are an indication that the market veterans want to sell. Thus, this transaction, which has seen the movement of a stack value over $49 million, could thoroughly be a whale trying to harvest their massive profits.

BTC Price

When writing, Bitcoin is trading at around $98,000, up over 10% within the last seven days.

Looks just like the asset has been having fun with bullish momentum recently | Source: BTCUSDT on TradingView

Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com