Troubling signs for Bitcoin as U.S. investors pull back

2023-8-11 04:20

Quick Take

The summer’s end is ushering in continued sideways price action for Bitcoin, as critical indicators point to a lackluster spot demand. The Coinbase premium index, a barometer of US investors’ buying pressure gauged by CryptoQuant, has taken a nosedive. This metric delineates the percent disparity between the Coinbase Pro price (USD pair) and the Binance price (USDT pair).

A surge in premium values typically signals robust buying pressure. However, the recent plunge aligns with Bitcoin’s fall below the $29,000 mark, mirroring the previous low in the aftermath of the FTX collapse. This suggests that the sell-off pressure primarily stems from Coinbase, usually championed by US investors.

Further corroborating the absence of spot demand is the anomalously low spot-to-futures ratio, touching a five-year low. Dylan LeClair, a Bitcoin Magazine analyst, underscores that derivative traders have overtaken the market, a hypothesis buttressed by the year-to-date high in open interest.

According to LeClair, the spot bears have largely exhausted their coin reserves. In contrast, spot bulls are either entirely invested or biding their time in traditional finance (TradFi) pending the approval of an ETF.

Coinbase Premium: (Source: CryptoQuant) Spot to futures: (Source: CryptoQuant)

The post Troubling signs for Bitcoin as U.S. investors pull back appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 66959.56 (+0.18%)
Объем 24H $25.946b
Изменеия 24h: 0.87 %, 7d: 9.96 %
Cегодня L: $66739 - H: $67036.39
Капитализация $1319.096b Rank 1
Цена в час новости $ 29383.15 (127.88%)

investors bitcoin index barometer demand lackluster spot

Источник: cryptoslate.com

investors bitcoin → Результатов: 126


DeeStream (DST) Attracts Tether (USDT) and USD Coin (USDC) Investors with 100X Predictions: Bitcoin (BTC) Surge Continues

With continuous price surges of Bitcoin (BTC), other investors keep an eye on alternative opportunities outside the most popular cryptocurrency. One of them is DeeStream (DST), a potential candidate that is capturing the community and stirring alongside stablecoin investors in Tether (USDT) and USD Coin (USDC).

2024-3-17 02:30


55% of Bitcoin Investors Bought over the Last 12 Months, US Consumers More Aware of DOGE than Ether

The majority of Bitcoin investors see it as a long-term asset. This year, the older generation, baby boomers, also recorded a 16% jump in their interest in BTC while females climbed 6%. The post 55% of Bitcoin Investors Bought over the Last 12 Months, US Consumers More Aware of DOGE than Ether first appeared on BitcoinExchangeGuide.

2021-12-7 16:55


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bullish buys CoinDesk as crypto media shakeups continue

The sale of cryptocurrency news site CoinDesk to a new owner has concluded, according to an announcement from the purchasing firm on Nov. 20. Bullish, a firm operated by former New York Stock Exchange President Tom Farley, said that it acquired the news site from its previous owner, Digital Currency Group (DCG).