Bitcoin (BTC) Whale action has been the major topic in the crypto sector in the last few days. With the BTC prices rising for the previous few days, there is intense speculation about the following significant price action. BTC whales and big institutional investors are chalking up strategies amid market uncertainties. One of the major benchmarks which reveal key details of the mood of big investors is the Coinbase premium.
Coinbase Premium Enters Green Territory
The crypto sector could be seeing respite from the intense selling pressure, as evident from the Crypto Quant data. The Coinbase Premium turned green after a long period. It hints that there is high interest in buying Bitcoin from giant whales. The last time the Coinbase premium indicator was constantly green was way back in early May.
“For a long, long period, Coinbase Premium was negative. It clearly signals that US high net worth and institutional investors are unloading Bitcoins. Reduced selling pressure gives higher prices opportunities, which is very good for the market.”
The trend also indicates that the selling sentiments are finally on the ebb. The Coinbase Premium is finally above the Zero line, and this shows that the worst selling sentiments are past. The retarding selling pressure is finally good news for both the number one coin as well as the crypto sector as a whole which has been witnessing the longest and the most acute crypto winter in its existing history.
Whale Hoarding On The Rise
Data reveals that the bigger whales have continued their buying spree and increasing their hoardings, while the smaller players appear to be still on the selling spree or not opting to buy Bitcoin yet.
Meanwhile, Bitcoin surged by around $4,000 in the space of just a week. As of writing, Bitcoin’s price stands at $22,784.10, down 2.64 % in the last 24 hours, as per data received from CoinDesk.