How massive Bitcoin buyer activity on Coinbase propelled BTC price past $32K
Coinbase has seen a large spike in buyer activity overnight as the price of (BTC) surpassed $32,500 on Jan. 2. Analysts say the trend was reminiscent of MicroStrategy’s Bitcoin accumulation, possibly fueled by institutional buy orders. As a result, BTC surpassed $31,000, reaching a new all-time high.
daily candle chart (Coinbase). Source: Tradingview
In the last 48 hours, Coinbase has continuously seen a high premium compared to Binance. At one point, Bitcoin on the exchange was $100 more expensive than on Binance.
Coinbase outflows. Source: CryptoQuant
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