A significant number of Bitcoins have recently been transferred from Coinbase to spot exchanges, totaling 4,594 BTC, as reported by CryptoQuant. This movement indicates a higher level of buying pressure in the United States, primarily attributed to the emergence of Spot ETFs as major 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 Bitcoin from Coinbase to spot exchanges, totaling 4,594 BTC, demonstrates the strength of buyers in the USA. This data unequivocally shows that Spot ETFs are driving the current bullish trend. Recent figures from CryptoQuant highlight the significant impact of Spot ETFs on the market dynamics.
Coinbase has experienced substantial outflows in the past two days, with a total of nearly 500 million dollars worth of Bitcoin leaving the platform. These outflows, closely associated with the movement of Spot ETFs, indicate a robust US buying trend. The Coinbase Premium Index reflects positive indicators, suggesting active Bitcoin purchases by US buyers and reinforcing the market.
On June 5th, Bitcoin Spot ETFs surpassed the one billion dollar mark in total volume, signaling a growing demand for these investment vehicles. The momentum of the ETF rally is expected to continue, fueled by increasing inflows. This trend could potentially lead to Bitcoin reaching new all-time highs.
The surge in Bitcoin entering spot exchanges and the significant outflows from Coinbase are clear indicators of the strong buying trend in US spot ETFs. With Spot ETFs reaching a combined volume of over one billion dollars, it is evident that these investment instruments are playing an increasingly pivotal role in driving market dynamics and influencing the price of Bitcoin.