A significant amount of Bitcoin has recently been transferred from Coinbase to spot exchanges, totaling 4,594 BTC, as reported by CryptoQuant. This surge in activity indicates increased buying pressure in the United States, largely 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 surpassed one billion U.S. dollars.
The outflow of Bitcoin from Coinbase to spot exchanges, amounting to 4,594 BTC, demonstrates the strength of buyers in the USA. This data confirms that Spot ETFs are driving the current bull market cycle. Recent movements from Coinbase show significant outflows totaling nearly $500 million, closely linked to the rise of Spot ETFs. The Coinbase Premium Index shows a positive trend, highlighting active purchasing of Bitcoin in the US and reinforcing the market.
With the total volume of Bitcoin Spot ETFs exceeding one billion dollars on June 5th, the rally in ETF demand shows no signs of slowing down. This continuous surge in demand is likely to sustain the ETF rally, potentially leading Bitcoin to reach all-time highs. The influx of Bitcoin into spot exchanges, alongside substantial outflows from Coinbase, underscores the strong US buying trend in Spot ETFs. The increasing influence of Spot ETFs on market dynamics is evident in the rising Bitcoin price and the overall market sentiment.
Tags: BTC, Coinbase, ETF.