Positive Premium Index
The Coinbase Premium Index (CPI), which measures the price difference between Bitcoin on Coinbase and other exchanges, has turned positive for the first time since May 18th. This indicates increased demand for Bitcoin on Coinbase, a major US-based exchange.
Significance
A positive premium shows that US-based investors are buying Bitcoin, suggesting that money is flowing into the cryptocurrency. This is a bullish signal that could drive the price higher.
Korean Market Sentiment
However, the Korea Premium Index, which measures sentiment among Korean and Asian investors, has been declining. This suggests that they are less bullish on Bitcoin in the short term.
Bitcoin’s Strong Performance
Despite the mixed sentiment, Bitcoin is currently trading at $71,095, up 4.31%. The positive Coinbase Premium Index is a factor in this bullish momentum.
Whale Influence
Data shows that large Bitcoin holders (whales) have been transferring Bitcoin from Coinbase to private wallets. This could be contributing to the positive premium.
Outlook
For Bitcoin to continue its upward trend, there needs to be sustained positive premium and interest from both institutional and retail investors. The current whale activity may not be enough to fuel a prolonged rally.
