In a recent development, a substantial amount of Bitcoins has been transferred from Coinbase to spot exchanges, totaling 4,594 BTC, as reported by CryptoQuant. This transfer indicates a surge in buying pressure in the United States, primarily attributed to the emergence of Spot ETFs as key players in the ongoing Bitcoin bull market. The total trading volume of Bitcoin Spot ETFs has now exceeded one billion U.S. dollars.
The movement of Bitcoin from Coinbase to spot exchanges continues to grow, with a significant outflow of 4,594 BTC. This trend highlights the strength of buyers in the USA and underscores the pivotal role of Spot ETFs in driving the current bullish cycle. The recent data confirms the increasing influence of Spot ETFs on the market dynamics.
Notable outflows from Coinbase have been observed over the past two days, with a net outflow of 3,067 BTC on June 4th and an additional 3,734 BTC on June 5th. These outflows, amounting to nearly $500 million, are closely linked to the activities of Spot ETFs. A recent Spot ETF subscription saw a total of 886.6 million U.S. dollars invested.
The Coinbase Premium Index, which compares exchange prices across platforms, indicates a positive delta on both hourly and daily scales. This suggests active buying of Bitcoin by US investors, further boosting the market. It is evident that Spot ETFs are currently the driving force behind the bull market.
The momentum of the ETF rally continues to grow, with Bitcoin Spot ETFs surpassing the one billion dollar mark on June 5th. This surge in demand is likely to sustain the ETF rally, potentially leading to new all-time highs for Bitcoin. The influx of Bitcoin into spot exchanges, coupled with significant outflows from Coinbase, reflects a strong buying trend in US Spot ETFs. With Spot ETFs now exceeding the one billion dollar mark in combined volume, it is clear that market dynamics are increasingly influenced by these ETFs and the overall price of Bitcoin.