The cryptocurrency market is experiencing a surge in bitcoin (BTC) purchases from investors in the United States. This is a positive occurrence for the sector and could drive a sustained rally in bitcoin’s price.
According to a report from the market intelligence platform CryptoQuant, the Coinbase Premium index, which measures U.S. buyer appetite, has reached its highest level in over three months.
U.S. Investors Are Buying BTC
CryptoQuant analyst Dan revealed that the market has been in an upward trend for eight weeks, starting from mid-April. The surge in the Coinbase Premium shows that buying pressure from Bitcoin investors in the U.S. is supporting the uptrend.
Bitcoin’s movement has shown no signs of overheating. Dan says this is a typical sign often seen in rising cycles following corrections. This suggests that the crypto market will see optimistic movements as the bull cycle progresses in the second half of the year.
The increased buying pressure from U.S. investors is evident in the spot Bitcoin exchange-traded fund (ETF) market. Data from CoinGlass shows that six of the eleven U.S. spot Bitcoin ETFs recorded inflows that totaled $386.2 million during trading hours on Monday. The positive flows came after two consecutive days of outflows on Thursday and Friday last week.
Besides the positive ETF flows, another sign that buyers are dominating again is the Bitcoin Spot 90-day Cumulative Volume Delta (CVD) flashing green for the first time in four months. This metric measures market dominance between buyers and sellers. A separate CryptoQuant analysis disclosed that CVD turning green after a prolonged period in red could mark the start of a new bullish move.
New Whales Acquire BTC at Record Pace
Furthermore, CryptoQuant discovered that Bitcoin whales have been buying at an increased rate. A filter that isolated new whales from long-dormant cold investors found that a fresh cohort has been stacking BTC at a record pace. This cohort holds ≥ 1,000 BTC with an average coin age of less than six months.
Between March 1 and June 4, the holdings of this group of whales doubled, from approximately 500,000 BTC to around 1.1 million BTC. This shows an increase of at least 600,000 BTC worth roughly $63 billion. Additionally, their supply share has climbed from 2.5% to 5.6% of the total BTC circulating supply – this is equivalent to approximately ten months of mining output removed from circulation.
The post US Bitcoin Investors Are Buying Again: What Does This Mean for BTC’s Price? appeared first on CryptoPotato.
The Bitcoin Spot 90-day Cumulative Volume Delta (CVD) is flashing green for the first time in four months, marking the possible start of the next bullish move. AA News, BTCEUR, BTCGBP, BTCUSD, BTCUSDT, Crypto News, Bitcoin (BTC) Price, United States
This articles is written by : Nermeen Nabil Khear Abdelmalak
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