{"id":3108,"date":"2024-11-21T20:32:45","date_gmt":"2024-11-21T20:32:45","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=3108"},"modified":"2024-11-21T20:32:45","modified_gmt":"2024-11-21T20:32:45","slug":"bitcoin-buying-over-coinbase-premium-turns-red-after-98000-high","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=3108","title":{"rendered":"Bitcoin Buying Over? Coinbase Premium Turns Red After $98,000 High"},"content":{"rendered":"
\n

Data shows the Bitcoin Coinbase Premium Gap has plunged into the negative territory following BTC\u2019s latest high above $98,000.<\/p>\n

Bitcoin Coinbase Premium Gap Has Just Observed A Plummet<\/h2>\n

As explained by CryptoQuant community analyst Maartunn in a new Quicktake post<\/a>, the recent positive Coinbase Premium Gap has just disappeared. The \u201cCoinbase Premium Gap<\/a>\u201d here refers to an indicator that measures the difference between the Bitcoin prices listed on Coinbase (USD pair) and Binance (USDT pair).<\/p>\n

When the value of this metric is positive, the BTC price on Coinbase is greater than on Binance right now. Such a trend implies that the former is observing a higher buying or lower selling pressure than the latter.<\/p>\n

On the other hand, the indicator being under zero suggests Binance may be the platform observing the higher buying pressure as BTC is trading at a higher rate than Coinbase.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the last couple of days:<\/p>\n

\"Bitcoin<\/p>\n

As displayed in the above graph, the Bitcoin Coinbase Premium Gap was positive during the last two days, implying notable buying pressure on the platform.<\/p>\n

Alongside this buying, BTC set a new all-time high (ATH) above $98,000. Since the record, though, the indicator\u2019s value has declined, and a slight dip into the negative zone has been observed.<\/p>\n

For much of 2024, the Coinbase Premium Gap has been a driver for bullish BTC price action, with negative values often not a good sign for the asset.<\/p>\n

Coinbase is the main platform for American investors, especially large institutional entities<\/a>, while Binance has users worldwide. As such, the Coinbase Premium Gap tells us how US-based whales differ in behavior from offshore ones.<\/p>\n

Given the tight relationship that the metric has held with BTC this year, American institutional investors seem to be running the show. With the indicator declining to neutral-negative levels, these entities may be done with buying for now. If so, Bitcoin could see a pause in its rally.<\/p>\n

The metric is still to keep an eye on in the coming days, though, as things can change quickly, with a reversal to positive levels potentially signaling the green light for the run.<\/p>\n

In some other news article, a whale has just moved 500 BTC between 7 and 10 years old, as Maartunn pointed out in an X post<\/a>.<\/p>\n

\"Bitcoin<\/p>\n

Generally, transfers of old coins are a sign that the\u00a0market veterans<\/a>\u00a0are looking to sell. Thus, this transaction, which has seen the movement of a stack worth over $49 million, could very well be a whale looking to harvest their massive profits.<\/p>\n

BTC Price<\/h2>\n

When writing, Bitcoin is trading at around $98,000, up over 10% in the last seven days.<\/p>\n

\"Bitcoin<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Data shows the Bitcoin Coinbase Premium Gap has plunged into the negative territory following BTC\u2019s latest high above $98,000. Bitcoin Coinbase Premium Gap Has Just Observed A Plummet As explained by CryptoQuant community analyst Maartunn in a new Quicktake post, the recent positive Coinbase Premium Gap has just disappeared. The \u201cCoinbase Premium Gap\u201d here refers […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-3108","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3108"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3108\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}