A surge in Bitcoin transfers from Coinbase to spot exchanges has been observed, totaling 4,594 BTC, as reported by CryptoQuant. This movement indicates a rise in buying pressure in the United States, largely attributed to the emergence of Spot ETFs as significant players in the current Bitcoin bull market. The total trading volume of Bitcoin Spot ETFs has now exceeded one billion U.S. dollars.
The recent outflows of Bitcoin from Coinbase to spot exchanges, totaling 4,594 BTC, showcase the strength of buyers in the USA. This data highlights the pivotal role of Spot ETFs in driving the current bullish trend. Notably, Coinbase experienced notable outflows on two separate occasions in the past two days, amounting to nearly $500 million, which closely align with movements in Spot ETFs.
The Coinbase Premium Index, indicating a positive delta on both hourly and daily timeframes, reflects active buying of Bitcoin by US investors, fueling the market. With Bitcoin Spot ETFs surpassing the one billion dollar mark, the momentum of the ETF rally is expected to continue, potentially leading to new all-time highs.
The increasing demand for Bitcoin Spot ETFs, coupled with significant outflows from Coinbase, underscores a strong buying trend in the US market. Surpassing the one billion dollar mark in combined volume, these ETFs are increasingly shaping market dynamics and influencing the price of Bitcoin.