Bitcoin’s recent price rally, surging beyond $94,300 for the first time since February, appears heavily driven by secretive whale activity on Binance.
According to cryptocurrency analyst Crypto Dan (@DanCoinInvestor), the Coinbase Premium metric sharply declined, signaling significant whale involvement on Binance, the world’s leading crypto exchange.
The Coinbase Premium steeply decreased to -0.025%, which shows that Bitcoin prices were lower on Coinbase platforms through USDT than through USD. The negative premium shows that whales operating on Binance initiate substantial purchasing activity.
Source: @DanCoinInvestor
According to Crypto Dan, the Premium decreased precisely when Bitcoin rapidly rose in value over seven days. Binance whales use their purchasing power to accumulate Bitcoin, which indirectly affects market conditions based on this observable relationship.
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Binance Whales Influencing Market Sentiment
The increased activity from Binance whales has considerably impacted overall market sentiment, shifting investor moods from neutral to notably positive. Such influential buying behavior often triggers broader market reactions, eventually spilling over into increased buying on U.S.-based exchanges like Coinbase.
CryptoQuant CEO Ki Young Ju explained the market implications of the current market dynamics by noting that persistent purchasing power from these prominent whale investors would alter typical market patterns.
According to Ju, when Bitcoin surpassed $100,000, it would indicate the start of a bull market, but new market developments force us to question existing cycle theories.
Bitcoin dropped to $74,500 in mid-April before analysts declared that the previous uptrend phase had ended prematurely. Superior market contributors through Binance whale movement activity triggered a fast-paced market turnaround, leading to the current price increase.
Bitcoin investors are focusing on Binance for emerging whale transactions as they anticipate both growing prices and lasting positive sentiments in the market.
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