The cryptocurrency market has been buzzing as Bitcoin (BTC) recently rebounded from its local low of $90,742 on November 26, reclaiming $95,000 and sparking discussions about its next move. With the broader crypto market valuation increasing by 7.3% to .32 trillion within two days, market participants are now wondering: Was ,000 the dip before Bitcoin’s next surge?
By analyzing three critical metrics—Coinbase Premium Index trends, spot Bitcoin ETF inflows, and exchange BTC balances—experts and traders are identifying signs that Bitcoin could be poised for new highs, possibly surpassing 0,000 during the bull-run of 2024. At Coin Push Crypto Alerts, we provide insights into market trends, helping users stay ahead of developments without engaging in trading activities.
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1. Coinbase Premium Index: A Surge in U.S. Demand
Bitcoin’s drop from its all-time high of $99,655 (on November 22) to $90,742 was accompanied by a decline in the Coinbase Premium Index. This index measures the price difference between BTC/USD on Coinbase (a popular U.S. exchange) and BTC/USDT on Binance.
The index has since recovered significantly, moving from -0.0387 on November 26 to 0.091. This upward trend indicates a resurgence in demand from U.S. retail investors, who typically use Coinbase as their go-to platform. According to Julio Moreno, head of research at CryptoQuant, “Bitcoin demand growth is accelerating again after the recent price correction.” This growing demand is expected to fuel further upward momentum, making Bitcoin signals from tools like Coin Push Crypto Alerts invaluable for identifying market shifts.
2. Spot Bitcoin ETF Inflows Turn Positive
Another promising indicator is the renewed inflows into U.S.-based spot Bitcoin ETFs. After two days of net outflows totaling $558 million, November 26 saw a sharp reversal, with $103 million in net inflows. The largest contributor was the Bitwise Bitcoin ETF, which added $48 million in a single day.
To date, U.S. spot Bitcoin ETFs have amassed approximately .3 billion in cumulative inflows. Institutional interest also appears robust, with Bitcoin investment products attracting .07 billion in inflows during the week ending November 22, accounting for 98% of total digital asset inflows.
This institutional appetite for Bitcoin is a positive signal, reinforcing confidence in its long-term growth trajectory during the ongoing bull market.
3. Exchange Balances at a 6-Year Low
Bitcoin balances on centralized exchanges fell to their lowest level since November 2018, dropping below 2.4 million BTC. This trend, which continued even as Bitcoin approached $100,000, highlights a reduced supply on exchanges.
Such a decline often indicates that investors are moving their holdings to self-custody wallets, reducing the likelihood of large-scale sell-offs. For traders and analysts, this points to a supply squeeze, which could drive prices higher.
Why $90,000 Could Be a Turning Point
These metrics collectively suggest that the $90,000 level may have served as a key support point, marking a local bottom. The rebound to ,000 aligns with historical patterns observed during previous bull runs, where dips often preceded explosive growth.
As Bitcoin inches closer to the psychological $100,000 mark, tools like Coin Push Crypto Alerts help users monitor these trends, offering insights into Bitcoin, Ethereum, and altcoin markets without promoting trading services.ses, including testing network functionality, enhancing transparency, and creating scarcity to manage token value.
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Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other advice, and should not be treated as such. Coin Push Crypto Alerts does not recommend buying, selling, or holding any cryptocurrency. Always conduct your due diligence and consult a financial advisor before making any investment decisions.
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There are indications that the crypto will be distributed to players over two years rather than all at once. This approach is likely designed to prevent a rapid drop in price after listing, with the intention that only the “whales” will remain to buy up your coins gradually.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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FAQ
What is the Coinbase Premium Index, and why does it matter?
The Coinbase Premium Index measures the price difference between BTC/USD on Coinbase and BTC/USDT on Binance. A positive premium indicates increased demand from U.S. retail investors, which often correlates with bullish momentum for Bitcoin.
How do ETF inflows impact Bitcoin prices?
ETF inflows reflect institutional interest and capital investment in Bitcoin. Positive inflows, like those seen on November 26, signal renewed confidence in Bitcoin as a long-term asset, often leading to price growth.
Why are Bitcoin balances on exchanges important?
Declining Bitcoin balances on exchanges indicate reduced supply available for trading, as investors move assets to private wallets. This trend often reduces selling pressure, creating conditions for price increases.
Stay ahead of the curve with Coin Push Crypto Alerts, your go-to source for timely market updates during the bull-run of 2024. Whether it’s Bitcoin, Ethereum, or altcoin trends, we ensure you stay informed—without facilitating trading activities.
