{"id":178313,"date":"2021-02-15T01:00:00","date_gmt":"2021-02-14T22:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoins-coinbase-premium-turned-negative-heres-what-it-means-for-btc-price\/"},"modified":"2021-02-15T01:00:00","modified_gmt":"2021-02-14T22:00:00","slug":"bitcoins-coinbase-premium-turned-negative-heres-what-it-means-for-btc-price","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoins-coinbase-premium-turned-negative-heres-what-it-means-for-btc-price\/","title":{"rendered":"# Bitcoin&#8217;s Coinbase premium turned negative. Here&#8217;s what it means for BTC price"},"content":{"rendered":"<p>&#8220;<strong># Bitcoin&#8217;s Coinbase premium turned negative. Here&#8217;s what it means for BTC price <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvZTc5NDViMGUtMzQzMC00NzMyLWFkNTYtZjYxNDk0OWNkN2NiLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin\u2019s (BTC) definitive breakout above $50,000 may have to wait longer to materialize as spot buying pressure on Coinbase Pro shows signs of weakening \u2014 at least, in the short term.\u00a0<\/p>\n<p>The Coinbase Premium Index, which measures the gap between the BTC price on Coinbase Pro and Binance, has flipped negative, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/overview\/full\/8653?window=min\">according<\/a> to CryptoQuant. In other words, selling pressure on Coinbase <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be strengthening compared with other exchanges like Binance. <\/p>\n<p>A negative reading on the Coinbase Premium Index\u00a0could be a precursor to short-term resistance. On the other hand, when the premium is high, it indicates strong spot buying pressure on Coinbase. <\/p>\n<p>Based on the index, CryptoQuant CEO Ki Young Ju <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1360837157040967681\">believes<\/a> topping $50,000 \u201clooks pretty tough\u201d in the near term. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Breaking 50k looks pretty tough as Coinbase premium becomes -$45<\/p>\n<p>Chart  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/gC1Jqrbn9b\">https:\/\/t.co\/gC1Jqrbn9b<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/LyVzZamlta\">pic.twitter.com\/LyVzZamlta<\/a><\/p>\n<p>\u2014 Ki Young Ju \uc8fc\uae30\uc601 (@ki_young_ju) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1360837157040967681?ref_src=twsrc%5Etfw\">February 14, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\u201cCurrent buying power doesn\u2019t come from Coinbase,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1360839973256065025\">added<\/a>. \u201cNo more Coinbase premium compared to Binance\/Huobi\/OKEx. Be careful.\u201d <\/p>\n<p>Coinbase has become a major bellwether for Bitcoin demand due to its popularity among large, institutional buyers. These market participants acquire their BTC via over-the-counter markets on Coinbase Pro. Although these large purchases don\u2019t im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely impact the BTC price, they signify growing demand for the digital asset and, in turn, diminishing supply. The Coinbase Premium Index, therefore, is one way to gauge institutional demand for BTC in the short term.\u00a0<\/p>\n<p>A short-term fluctuation in the Coinbase premium doesn\u2019t appear to have any bearing on Bitcoin\u2019s long-term trajectory. The digital asset remains in a strong uptrend, having peaked well north of $49,700 on Sunday, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">according<\/a> to TradingView data.<\/p>\n<p>The Bitcoin price has gained a whopping 28% over the past week, thanks in large part to Tesla\u2019s planned acquisition of the asset. Based on the electric vehicle maker\u2019s most recent 10K filing with the United States Securities and Exchange Commission, it plans to allocate roughly 7.7% of its gross cash position to Bitcoin.<\/p>\n<p>Publicly-traded companies and fund managers <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/bitcointreasuries.org\/\">hold<\/a> roughly 6% of Bitcoin\u2019s circulating supply \u2014 a figure that doesn\u2019t include Tesla\u2019s $1.5 billion position. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-s-coinbase-premium-turned-negative-here-s-what-it-means-for-btc-price\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin&#8217;s Coinbase premium turned negative. Here&#8217;s what it means for BTC price &#8221; Bitcoin\u2019s (BTC) definitive breakout above $50,000 may have to wait longer to materialize as spot buying pressure on Coinbase Pro shows signs of weakening \u2014 at least, in the short term.\u00a0 The Coinbase Premium Index, which measures the gap between the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":178314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvZTc5NDViMGUtMzQzMC00NzMyLWFkNTYtZjYxNDk0OWNkN2NiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74862,74937,74956,74863],"class_list":["post-178313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-bitcoin","tag-bitcoin-price","tag-coinbase","tag-cryptocurrencies"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/178313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=178313"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/178313\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/178314"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=178313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=178313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=178313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}