Bitcoin’s new all-time (ATH) high is now above $69,000, as institutional investors bought aggressively on Coinbase.
Bitcoin has reached a new high of $69,000
Today, the moment that Bitcoin investors have been waiting for has finally arrived. The cryptocurrency has just surpassed the record set by November 2021 and created a brand-new ATH level beyond $69,000.
Source| Source: BTCUSD on TradingView
The asset is at a historical turning point as institutional investors are showing strong buying pressure.
Bitcoin Coinbase Premium Index Soars to New Levels in 2024
As an analyst, you can take part in a CryptoQuant Quicktake post US institutional investors have been scrambling for Bitcoin, as they begin to feel the FOMO of the recent bullish trend the cryptocurrency enjoyed.
The “Coinbase Premium IndexThe “Bitcoin Price Difference Calculator” tracks the percentage difference in Bitcoin prices between Coinbase and Binance, two cryptocurrency exchanges.
The first exchange is preferred by institutional traders in the US while the second serves a larger global audience. Coinbase Premium Index is a good indicator of differences in buying and selling behavior between these two groups.
When the indicator shows a positive value the Coinbase listed price is higher than Binance. A positive trend means that US-based investors have a higher buying pressure (or a lower selling pressure) compared to Binance’s users.
The negative metric, on the other hand suggests that American institution traders are applying a relatively high level of selling pressure to the market.
Here’s a chart showing the Bitcoin Coinbase Premium Index for the past few weeks:
The value of this metric has been positively impacted in recent days.| Source: CryptoQuant
As shown in the graph below, the Bitcoin Coinbase Premium Index registered a significant positive spike over the past few months, which implies that the gap between prices on Coinbase versus Binance has increased.
Coinbase experienced a significant rally in this period when the indicator was firmly positioned within the green area.
The sources of this recent pressure on buying would include the spot exchange-traded funds (ETFs) This year, the approval rate was 85%. The chart shows that buying pressure was even greater in the past two weeks, culminating with the latest spike.
The interest in the asset was only growing recently among institutional investors, but this latest spike indicates that FOMO is now a major concern for them.
It’s not surprising that the price of bitcoin has reached a new high after the recent spike, given that institutional buying was one of the major forces behind this latest rally.
Chart from TradingView.com. Image by Jievani Weerasinghe, Unsplash.com.
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