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CryptoQuant CEO Analyzes Grayscale’s Bitcoin Shift to Coinbase

In a recent revelation, CryptoQuant CEO Ki Young Ju has provided insights into the outflow of Bitcoin from Grayscale’s fund, which has recently undergone a transformation into an ETF. The data, considered reliable in the crypto sphere, sheds light on the movement of funds and its impact on major exchanges.

The outflow of Bitcoin from Grayscale found its way to various destinations, notably making its mark on Coinbase. The significance of this transfer became apparent as the Coinbase Premium Gap, consistently positive since the year’s inception, turned negative for the first time. This reversal suggests a notable increase in selling pressure on Coinbase, correlating with the influx of Bitcoin from Grayscale to the exchange.

The chart shared by Ki Young Ju illustrates the correlation between the Grayscale outflow and the subsequent negative turn in the Coinbase Premium Gap. This observation provides valuable insights into the market dynamics, indicating the potential influence of major institutional movements on cryptocurrency exchanges.

Source: CryptoQuant

Adding another layer to the unfolding narrative, it’s crucial to highlight the surge in trading volume on Coinbase in recent days, particularly during the active hours of the American stock market. This surge in activity suggests heightened market participation and significant trading activities, possibly triggered by the changes in Grayscale’s Bitcoin holdings.

As the market takes a brief pause over the weekend, analysts are eagerly anticipating the implications of these developments on Monday. If the trading volume remains high and the negative Coinbase Premium Gap persists, it could spell trouble for the price of Bitcoin. The interplay between institutional movements, exchange dynamics, and market sentiment is becoming increasingly intricate, emphasizing the need for careful monitoring in the days to come.

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