Since the opening of U. S. markets, U. S. markets have been opened. USA On Friday, the value of bitcoin (BTC) has increased by almost 10%. A popular indicator used by bitcoin investors would possibly rise.
The “Coinbase premium,” an indicator that appears in the hole between the BTC/U. S. Coinbase. La (USD) dollar pair and Binance’s BTC/USDT pair involving stablecoin anchoring, turned negative at 2:45 p. m. UTC (10:45 a. m. ET) on Friday, according to South Korea-based blockchain knowledge site CryptoQuant, as bitcoin’s value began to skyrocket.
(CryptoQuant)
“What is evident is that this acquisition did not come from U. S. investors,” said Ki Young Ju, CEO of cryptocurrency trading knowledge firm CryptoQuant. The bitcoin request is “probably [from] Chinese or non-American investors. “
While Coinbase is more popular among crypto investors in the U. S. USA And Europe, Binance, which in China, is known as one of the most popular exchanges among investors in Asia.
Interestingly, shortly after the drop, Coinbase’s premium also turned positive on the CryptoQuant site, indicating that some trading robots would possibly have caught the highest spread between Coinbase’s BTC/USD pair and Binance’s BTC/USDT pair for arbitrage opportunities, Ju said.
It is unclear what triggered the sudden massive appetite for bitcoin on Binance, however, according to market analysts, institutional investors or bitcoin whales, those with giant amounts of bitcoins, have shown a more positive view of bitcoin, especially since markets are welcome. a new quarter in the monetary calendar.
The Oct. 1 rally shows that classic financial players can identify new positions at the start of the quarter, said Dan Burke, general manager of institutional sales in Asia Pacific at BitGo.
“This is the furthest day of new disclosures,” Burke added.
Options markets also show a renewed bullish view from institutional investors.
“After 4 days of consolidation, bitcoin has overcome trendline resistance at $44,000, trading up to just under $48,000,” Patrick Chu, director of institutional sales and operations at Crypto Over the Counter (OTC), told CoinDesk. . ” Throughout the consolidation period, we continue to see bullish outlook expressed through the buy spreads of our institutional clients. “
(Paradigm)
Chu noted that call options dominated Paradigm’s volume on Friday, about 77 percent, relative to the volume of call options. A fixed option gives the client the right to sell. Currently, it moves diversity from $50,000 to $100,000, according to Paradigm.
“There have been some bullish bets for the top, with the specific goal of getting back to the all-time top before the end of the year,” Chu said.
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Muyao Shen
Muyao is a journalist on the markets team, is in Brooklyn, New York and owns a marginal amount of bitcoins.
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A leader in news and data about cryptocurrencies, virtual assets, and the long-term of money, CoinDesk is a media outlet that strives to achieve journalistic criteria and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
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