Coinbase whales drives Bitcoin price action
The recent Bitcoin price action was strongly influenced by whales on Coinbase, according to the CEO of cryptocurrency Ki Young Ju.
In a position on February 26 on X, Ju noted that the domination of the volume of Coinbase spot, which refers to the share of the total bitcoin (BTC)) The cash trading volume occurring on the stock market had exceeded 30% last week.
At the same time, the premium BTC coinbase, which follows the price difference between Bitcoin on Coinbase and other exchanges like Binance, remained negative. This suggests that American investors, especially institutional investors, lead both the Haussier market and recent correction.
Coinciding with the activities of whales in Coinbase, Spot Bitcoin ETF has recorded its biggest day out since its launch, with $ 937.78 million that came out on February 25, according to Sosovalue data. This figure far exceeded the previous record of $ 680 million in outings on December 19, 2024, the signaling increased sale pressure from institutional investors.
Meanwhile, the 10x Research report of February 25 stressed that only 44% of American FNB Bitcoin entries are for long -term detention, while others are probably linked to arbitration strategies. This suggests that real-term Bitcoin’s real demand as an actor in multi-Assombres portfolios can be considerably smaller than media stories suggest.
#Bitcoin & @MicroStrategy: The New Favorite Assets for Hedge Funds@BlackRock IBIT, MicroStrategy – what we know …
👇1-21) Although Bitcoin ETFs have attracted $38.6 billion in net inflows since their January 2024 launch, our analysis suggests that only $17.5 billion (44%)… pic.twitter.com/7Bf95P9NpX
— 10x Research (@10x_Research) February 23, 2025
The current market decline was widely triggered by macroeconomic factors that have contributed to the uncertainty of the market. The prices offered by former American president Donald Trump on Canadian and Mexican imports should take effect in March, fueling the fears of an increase in inflation.
Despite the correction, the CEO of CRYP October remains bullish in the long term. In a February 19 jobHe argued that the Bitcoin bull cycle is still intact, noting that past cycles have seen price reductions up to 30% compared to the summits of all time without reporting a lower market.
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