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CryptoQuant, a popular on-chain analytics forum, has recently provided statistics about the Coinbase. As per the analytics platform, the Coinbase premium’s performance has been showing a negative outlook since the 14th of March, when Bitcoin’s adjustment period started. The on-chain analytics company pointed out that the top cryptocurrency has touched its present high of nearly $73,800.
Time to Wait Until Additional Buying Power from U.S. Institutions & Whales
— CryptoQuant.com (@cryptoquant_com) March 20, 2024
“The Coinbase premium has continued to be negative since March 14th, when #Bitcoin entered the adjustment period, and has continued to be negative” – By @DanCoinInvestor
Link 👇https://t.co/XA2T5UhbLC
Coinbase Premium Continues to Decline after the Bitcoin’s Adjustment
At the moment, the top crypto token is experiencing a phase of correction. The analytics provider disclosed that a significant decline has taken place in the case of Coinbase premium. In this respect, the correction period of Bitcoin has paved the way for quite a disadvantageous position for the crypto exchange. This phase of BTC has kept on negatively influencing Coinbase up till now.
The recent months have witnessed a swift rise in the price of. This indicates that the correction phase will not stop soon. Hence, this period will reportedly move on for some additional time. On the other hand, it appears likely that Bitcoin’s market will see a spike for another time. This speculation is very beneficial for the future development as well as the overall market confidence.
Bitcoin Needs to Wait Until the US Whales and Institutions Offer More Buying Power
However, the current scenario makes it clear that the top crypto is going through a waiting time. In the meantime, there is a requirement for some extra buying power. In this regard, the whales as well as the institutions working within the United States need to contribute to end the respective pause.
Along with that, the analytics firm also brought to the front the present investor sentiment. It asserted that the investors are currently showing a slightly bearish trend. In this respect, forty percent of the investors are bullish on Bitcoin while sixty percent are bearish.