Today, the indicator has already reached 0.1%. It means that the price of Bitcoin (BTC) in the USD pair on Coinbase Pro is 1% higher compared to BTC/USDT rates on major spot exchanges.
As such, the analyst highlights, this might indicate growing interest of U.S. investors in buying Bitcoin (BTC) at the current prices.
To provide context, when the Bitcoin (BTC) price hit its first local high over $70,000, Coinbase Premium jumped to 0.4%. In mid-January 2022, the indicator dropped to -0.4%, data says.
The upsurge of the Bitcoin (BTC) price resulted in $213 million in crypto liquidations; almost 50% of this sum were short positions.
For Bitcoin (BTC) itself, the market was even more merciless to bears: 61% of liquidated positions were shorts in XBT/USD pairs.
In particular, he mentioned the role of the BTC narrative in the U.S. presidential race, the exhaustion of the largest and most aggressive sellers and the absence of dangerous CeFi services.
The same opinion was released by Raoul Pal last weekend. The Real Vision CEO stressed that he was not selling and only treated the drop of the BTC price between $50,000 as a “shakeout.”
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
