according to Data Coinbase Premium Index (CPI) provided by Cleptoquant, the Coinbase Premium (CPI), after Tuesday after the opening of the stock market in the United States.
This can indicate a large flow of boxes circulating in Bitcoin exchange (ETFS).
Coinbase premium is often treated as a retail demand sign in the United States, and a negative premium shows that there is strong pressure for sale.
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ETF flows worry
Between February 10 and February 14, a total of $ 651.83 million was withdrawn from Spot Bitcoin etFs, which may indicate a decrease in the short term.
The institutional adoption of Bitcoin Etfs has doubled three times in the fourth quarter to $ 38 billion. This indicates that advanced investors have become of increasing importance.
In fact, Eric Balunas, the pioneering ETF analyst, believes that institutions will get a 40 % stake in the total future assets, which will be similar to Gold ETFS.
However, there was also a lot of sale under the surface, with the 25 best boxes liquidated about 19,000 BTC in Q4, according to Sam Baker, River’s research analyst.
Meanwhile, Jpmorgan Banking giant Bitcoin included in its semester guide. The CEO of BitWise Hunter Horsley saw that banks would be a “main catalyst” for the encryption space.
Make anemia in Bitcoin
Bitcoin is currently trading at 94,239 dollars after it decreases to the lowest level of the day at 93,434 dollars. The leading cryptocurrency was struggling to restore the level of $ 100,000.
The leading cryptocurrency decreased by 13.4 % of its highest level ever at $ 108,786, which was achieved 29 days ago.
