Bitcoin skyrockets as institutions keep buying on Coinbase.

Bitcoin Surges Above $47,000 as Data Shows Unwavering Buying Pressure on Coinbase

Bitcoin Surges 4% in 24 Hours as ETF Deadline Approaches

Bitcoin has experienced a significant rally, surpassing the $47,000 mark, and showing no signs of letting off. This surge in price comes at a crucial time as the deadline for a decision on Bitcoin spot ETFs by the US SEC approaches.

The Indecisive Coin

After a period of indecisiveness, Bitcoin has finally chosen its direction in the last 24 hours, leading to a sharp increase in its price. However, the coin has experienced a slight pullback from its peak at $47,300, currently trading at around $46,500.

Looks like the asset’s price has blasted off in the past day | Source: BTCUSD on TradingView

Despite the pullback, Bitcoin has still managed to gain over 4% in the last 24 hours. Surprisingly, only two other cryptocurrencies in the top 20 market cap list, Solana (SOL) and Bitcoin Cash (BCH), have outperformed Bitcoin during this period.

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ETF Expectations

The surge in Bitcoin’s price can be partly attributed to the imminent deadline for BTC spot ETFs by the US SEC. With expectations of approval widespread in the market, investors are jumping in, anticipating further rallies once the ETFs start trading.

Additionally, data from an indicator suggests that large entities may be accumulating Bitcoin in preparation for the ETF decision. This indicates that institutional investors are possibly going shopping for Bitcoin lately.

The Coinbase Premium Gap

Another interesting indicator is the Bitcoin Coinbase Premium Gap, which has been positive for more than a week. This metric measures the difference in Bitcoin prices listed on Coinbase and Binance.

The value of the metric seems to have been green for a while now | Source: JA_Maartun on X

The positive gap signifies that buying pressure on Coinbase has been greater than on Binance, as US-based institutional investors commonly use Coinbase. On the other hand, Binance sees more global traffic. Therefore, the positive gap suggests that large institutional traders have been actively accumulating Bitcoin recently.

Whales on the Move

Furthermore, the “large holders netflow” metric from IntoTheBlock reveals spikes in accumulation activity by whales. These large holders, who own more than 1% of the Bitcoin supply, accumulated over 14,000 BTC in the past week when prices dipped below $43,000.

The data for the BTC large holders netflow since the start of the year | Source: IntoTheBlock on X

According to IntoTheBlock, the dip in prices presented an opportunity for these whales to buy and accumulate Bitcoin. This suggests confidence and interest in the digital asset.

The Future of Bitcoin

Bitcoin’s recent surge and the positive indicators surrounding it indicate a strong outlook for the cryptocurrency. With the approaching ETF deadline and increased accumulation by institutional investors and whales, the sentiment remains positive.

Based on these trends, it’s crucial for investors to stay informed and make well-informed decisions. We recommend following the market closely, monitoring regulatory developments, and being cautious in volatile times.

Q&A: Addresses Readers’ Concerns

Q: Can you provide more information about the US SEC decision on BTC spot ETFs? A: The US SEC is expected to make a decision on BTC spot ETFs soon. Approval of these ETFs could have a significant impact on the Bitcoin market, increasing accessibility to institutional investors and potentially leading to further price rallies.

Q: What are the advantages of utilizing Coinbase for institutional investors? A: Coinbase is a trusted and regulated cryptocurrency exchange based in the United States. It offers various services and features specifically catered to institutional investors, such as custody services, OTC trading, and a robust compliance framework.

Q: Is Bitcoin still a good investment option considering its recent price surge? A: As with any investment, it’s essential to conduct thorough research and assess your risk tolerance before investing in Bitcoin or any other cryptocurrency. While the recent price surge indicates positive market sentiment, it’s important to consider the potential risks and volatility associated with the asset.

Q: What impact could ETF approval have on the cryptocurrency market? A: Approval of BTC spot ETFs could attract more traditional investors and boost liquidity in the cryptocurrency market. In the long term, it might lead to increased adoption and mainstream acceptance of Bitcoin as an investment asset.

Q: How can I stay updated on Bitcoin news and market trends? A: To stay informed about Bitcoin, you can follow reputable cryptocurrency news sources, join discussions in online communities, and monitor market data on trusted platforms. Additionally, following influencers and experts in the crypto space can provide valuable insights and analysis.

References:

• Bitcoin Correlation To Nasdaq Continues To Be Negative: What It Means
• Coinbase Custody Head Departs Crypto Giant, Prepares Bitcoin ETF Services
• CBOE Predicts Spot Bitcoin ETFs Could Draw Investments from Pension Funds, RIA-Based Funds
• Altcoins Showing Most Bullish & Bearish Divergences: Santiment
• Citi Alum-Founded Startup Would Offer Bitcoin Securities If They Get the Green Light From SEC: Bloomberg

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