Coinbase’s Bitcoin Premium Has fallen in negative territory for the first time since May. This development is Bearish for the flagship Crypto, because it suggests that the US’s demand can decrease.
Coinbase Bitcoin Premium in the red
Cryptoquant -Data Show that the Coinbase Bitcoin Premium -Index is at -0.00254829, which is the first time that it has been in red since 29 May, when it was -0,01626105. This index follows the difference between the Bitcoin price on Coinbase and the Bitcoin price on Binance. It is also used to gauge The Spot Question to BTC of institutional and retail investors in the US
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As such, this development suggests that the demand for BTC among American investors is currently low. This is important considering that Bitcoin rallies to new highlights have collected with the Coinbase Premium that was in a positive area. This emphasizes how much the US question contributes to the upward trend of BTC.
Recently, this question has mainly come from The Bitcoin ETFsWith Coinbase who acts as a keeper for eight of the eleven place BTC funds. In particular, the decrease in the Coinbase Bitcoin premium coincides with the decrease in the net influx and an increase in the outflow of these funds.
SOSO value data Show that these funds on July 31 recorded net outflows of $ 114.83 million. Previously, they were also on a 3-day line of successive net outflows between 21 and 23 July. This indicates a wave of profit about these investors, especially after the recent Bitcoin rally to a new High (ATH) of $ 123,000.
In one XCryptoquant also confirmed this wave of taking a profit. The platform revealed that Bitcoin just saw his third major profitable wave of this Bull Run. Realized profit peaks Until between $ 6 and $ 8 billion at the end of July, comparable to peaks of March and December 2024. Cryptoquant added that it was new whales that led the sale above $ 120,000.
New investors Dominance is growing with the market in a stable state
In one Cryptuquant on-chain analysisAnalyst Axel revealed that the dominance of the new investors is growing and that the market is still stable in this late Bitcoin Bull Cycle Phase. He referred to the demand and the supply between new and old investors Metriek and noted that the 64% peaks in March 2024 and 72% coincided with local price maxima.
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The analyst noted that during those periods the Inflow of new liquidity In Bitcoin it was exhausted and old holders started to actively make a profit. However, this time is different, because the current value of demand and the supply between new and old investors is 30%, which is only half of the overheated levels.
Axel added that the trend is directed upwards because the cumulative activity of young coins has been growing steadily since July 2024. The analyst noted that this indicates that a remarkable layer of new buyers enters the Bitcoin market. In the meantime, the pressure of the old holders is not yet critical.
At the time of writing, the Bitcoin price acts according to around $ 115,550, according to the last 24 hours, according to facts Van Coinmarketcap.
Featured image of Pixabay, graph of TradingView.com