Recently, a large number of Bitcoins have been transferred from Coinbase to the spot exchanges, with the total volume of 4,594 BTC, according to CryptoQuant. This activity shows higher buying pressure in the United States mainly due to Spot ETFs that have emerged as key participants in the ongoing Bitcoin bull market. Currently, the total trading amount of Bitcoin Spot ETFs has exceeded one billion U.S. dollars.
As a large amount of #Bitcoin outlfows from Coinbase, a substantial amount of #BTC enters spot exchanges (4,594 $BTC).“This shows us that buyers in the USA are strong. This data proves that Spot ETFs are the main drivers of the bull cycle we are currently in. As of now, the… pic.twitter.com/X2mDfOITwl
— CryptoQuant.com (@cryptoquant_com) June 6, 2024
Coinbase Sees Significant Bitcoin Outflows Totaling Nearly $500 Million
On spot exchanges, there was a net outflow of 4,594 Bitcoin today. Inflows of funds can put pressure on the share prices in the short term. However, it is worthwhile to consider this data in the context of other Spot ETFs which are already taking over the market.
A closer inspection of Coinbase reveals notable outflows during two separate times in the past two days. A net outflow of 3,067 *BTC* on June 4th at 3:00 AM back on June 5th, at 5:00 PM, another 3,734 BTC made its way out of Coinbase. These outflows, totaling nearly 500 million dollars, are closely linked to the movements in Spot ETFs. Spot ETF landed yesterday had 886.6 million U. S. dollars were subscribed.
The Coinbase Premium Index, which compares the exchange price to other exchanges, signals a positive delta on both an hourly and daily timeframe. This indicates that buyers in the US are actively purchasing Bitcoin, bolstering the market. The data underscores that Spot ETFs are currently driving the bull market.
ETF Rally Gains Momentum as Bitcoin Spot ETFs Exceed $1 Billion
The demand for Bitcoin Spot ETFs continues to surge, with the total volume surpassing one billion dollars on June 5th. That will likely keep the ETF rally going, and if current inflows are any indication, there is a decent chance of that happening. That could mean Bitcoin reach all time highs (ATH).
The amount of Bitcoin moving into spot exchanges and large outflows from Coinbase, shows strong US buying trend in spot ETFs. These ETFs recently passed the one billion dollar mark in combined volume. This shows how market dynamics can increasingly be driven by Spot ETFs and the Bitcoin price in general.
