According to the latest data, the critical data representing U.S. Bitcoin investors has turned positive again.
CryptoQuant on-chain data platform previously indicated that the Coinbase premium signaled a weakening purchase demand in the US.
However, according to data shared by a CrpytoQuant author today, the Coinbase Premium has turned positive again. The 7-day moving average of the Coinbase Premium indicator tracking the difference in prices between Coinbase and the world’s largest cryptocurrency exchange Binance is currently at a higher level once again, indicating that U.S. individual and institutional investors are back to buying.
Spot Bitcoin ETFs also ended their 5-day uptrend yesterday and turned positive. The overall reversal of the data sparked a price increase in Bitcoin and nearly erased the correction that had been ongoing for some time.
According to CoinGecko, Bitcoin is currently trading at $70,100.
