A recent surge in Bitcoin transfers from Coinbase to spot exchanges has been reported, totaling 4,594 BTC, as per CryptoQuant. This trend indicates a significant increase in buying pressure in the United States, largely attributed to the emergence of Spot ETFs as major players in the ongoing Bitcoin bull market. The total trading volume of Bitcoin Spot ETFs has now exceeded one billion U.S. dollars.
The movement of a substantial amount of Bitcoin out of Coinbase into spot exchanges, totaling 4,594 BTC, highlights the strength of buyers in the USA. This data clearly demonstrates the pivotal role that Spot ETFs are playing in driving the current bull market cycle. As of now, the market continues to show positive signs of growth and potential.
Coinbase recently experienced significant outflows of nearly $500 million worth of Bitcoin on spot exchanges. While short-term price fluctuations may occur due to inflows of funds, it is important to consider the broader context of the market, especially the impact of Spot ETFs.
Further analysis of Coinbase reveals notable outflows on two separate occasions in the past two days. On June 4th at 3:00 AM, there was a net outflow of 3,067 BTC, followed by another 3,734 BTC leaving Coinbase on June 5th at 5:00 PM. These outflows, totaling nearly 500 million dollars, are closely tied to the movements in Spot ETFs, which saw a subscription of 886.6 million U.S. dollars.
The Coinbase Premium Index, which compares exchange prices across platforms, shows a positive delta on both hourly and daily timeframes. This indicates active buying of Bitcoin by US investors, contributing to the market’s strength. Spot ETFs are clearly playing a key role in driving the current bull market momentum.
The demand for Bitcoin Spot ETFs continues to rise, with the total volume exceeding one billion dollars on June 5th. This ongoing trend is likely to sustain the ETF rally, with a strong possibility of reaching all-time highs. The movement of Bitcoin into spot exchanges and significant outflows from Coinbase underscore the strong buying trend in US Spot ETFs, which have now surpassed the one billion dollar mark in combined volume. This shift highlights the increasing influence of Spot ETFs on market dynamics and the overall Bitcoin price.
Tags:
BTC
Coinbase
ETF