Recent data from CryptoQuant reveals a significant transfer of Bitcoins from Coinbase to spot exchanges, totaling 4,594 BTC. This surge in activity indicates a higher buying pressure in the United States, primarily driven by the emergence of Spot ETFs as key players in the current Bitcoin bull market. The total trading volume of Bitcoin Spot ETFs has now exceeded one billion U.S. dollars.
The outflow of Bitcoins from Coinbase to spot exchanges highlights the strength of buyers in the USA. This data confirms that Spot ETFs are playing a crucial role in the current bullish cycle. The Coinbase Premium Index also shows a positive delta, indicating active US buyers driving the market forward.
In the past few days, Coinbase has seen substantial outflows totaling nearly $500 million. The outflows are closely linked to movements in Spot ETFs, with significant amounts leaving Coinbase at specific times. This trend, combined with the recent surge in Bitcoin Spot ETF volumes surpassing one billion dollars, suggests that the ETF rally is gaining momentum.
The increasing demand for Bitcoin Spot ETFs and the significant outflows from Coinbase point to a strong buying trend in the US market. The recent milestone of over one billion dollars in combined Spot ETF volume highlights how market dynamics are increasingly influenced by these ETFs and the overall Bitcoin price.
Tags: BTC, Coinbase, ETF.