“Coinbase hit a two-week high on September 26, indicating bullish sentiment. The head of the CryptoQuant research department, Julio Moreno, drew attention to this. Higher demand in the US made Bitcoin rallied today towards $65K. The Coinbase premium increased to the highest level in two weeks. pic.twitter.com/YhJItIGNvY — Julio Moreno (@jjcmoreno) September 27, 2024 The figure is often used as an index of retail demand […]”, — write: businessua.com.ua
Coinbase hit a two-week high on September 26, indicating bullish sentiment. The head of the CryptoQuant research department, Julio Moreno, drew attention to this.
Higher demand in the US made Bitcoin rallied today towards $65K.
The Coinbase premium increased to the highest level in two weeks. pic.twitter.com/YhJItIGNvY
— Julio Moreno (@jjcmoreno) September 27, 2024
The indicator is often used as an index of demand from US retail investors — the higher the value, the greater the buying pressure.
In addition, Coinbase’s premium returns have coincided with daily inflows in spot bitcoin ETFs, which is already indicative of institutional interest.
US Spot Bitcoin ETF Inflows. Source: SoSoValue.
Meanwhile, Bitcoin crossed the $66,000 mark. The asset played back the day’s decline and went up.
Binance BTC/USDT 15-minute chart. Source: TradingView.
Following Bitcoin, other assets from the top 10 by capitalization moved into the “green zone”. Ethereum rose to $2,680, adding 2.5% on the day.
Source: CoinGecko.
DOGE showed the greatest growth — almost 10%.
At the same time, the delta of the aggregate spot volume of the first cryptocurrency on all exchanges also reached a new monthly maximum. At the same time, purchases dominate the chart.
Source: Glassnode.
This could be another sign of the return of retail investors.
ForkLog previously reported that Bitcoin is coming off one of its best Septembers ever. In less than a month, the asset increased by more than 10%.
We will remind, according to the scenario of the analyst PlanB, in October, digital gold will rise in price to $70,000, and by the end of the year the rate can reach $150,000.
The source