Bitcoin Price Clips Below $ 30,000 as Coinbase Premium Goes to -122



Currently, Coinbase’s premium is running negative at -122 which suggests that sales pressure is high and whales are more likely to sell than hodling. Coinbase Premium is the bitcoin price difference in USDT on Coinbase and Binance. During the peak of the bull season, the extensive whale purchase took BTC’s price of Coinbase $ 300 more than Binance’s price due to high buying pressure. Over the past few weeks, the Coinbase premium has been a reliable indicator to suggest market sentiments.



$ 28k May Not Bottom Like Turning Bitcoin Further Price Premium

Bitcoin price seems to be struggling to hold its position above $ 30,000 after recording a daily minimum of $ 28,900 as the crypto market showed signs of the first significant correction since November last year when the bitcoin price climbed. Despite a significant liquidity squeeze on exchanges and massive whale caching during the price crash, bitcoin volatility appears to be making it more difficult to make a call.

However, one particular pattern or correlation that has emerged this bull season is the Coinbase Premium.

Bitcoin and Coinbase Price Premium

Price Premiums are nothing new and often reflect low supply and high demand. However, exchange price premiums have been seen primarily on low liquidity platforms and small customer base, this bull season, the huge whale trades have led to BTC buying and selling at premium prices on some of the most popular exchanges like Binance and Coinbase with billions trading volume.

It all started when BTC started selling for a premium in Asian markets especially South Korea resulting in Asian whales selling in heaps and a slight drop in BTC price, followed by US whales aggressively buying the dip making a difference price of up to $ 350 on Coinbase and Binance.



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