The BTC premium on the largest US-based cryptocurrency exchange has plummeted to negative levels last seen nearly three years ago. This comes amid the broader market correction and suggests that whales and larger players have used Coinbase to sell substantial portions of their bitcoin holdings.
Bitcoin Coinbase Premium Dumps Hard
The blockchain analytics company CryptoQuant compares the BTC price on two of the largest crypto exchanges – namely, Binance and Coinbase – against Tether and USD, respectively, to determine whether there’s a difference, labeled “Coinbase Premium.”
This metric tracks the BTC movements of institutions and larger-cap players (whales) on Coinbase (and Coinbase Pro), typically regarded as the go-to platform for such investors. Essentially, this means that the higher this Premium goes, the more institutional demand exists, and vice-versa.
According to CryptoQuant, this metric has fallen sharply since the start of the month. It was well in the “green,”
We współpracy z: https://cryptopotato.com/bitcoin-coinbase-premium-dumps-to-3-year-low/
