Summary
- The 'Inter-Exchange Bitcoin Flow' (IFP) indicator for Bitcoin is still in the bullish zone.
- Sophisticated traders are moving Bitcoin to capture the Coinbase premium.
- As Bitcoin demand increases, Coinbase prices may become higher than other exchanges.
Julio Moreno, a senior analyst at CryptoQuant, reported on the 6th (local time) via X (formerly Twitter) that the 'Inter-Exchange Bitcoin Flow' (IFP) indicator, which tracks the movement of Bitcoin from other exchanges to Coinbase, remains in the bullish zone.
He further explained, "Sophisticated traders might be moving Bitcoin (BTC) stored on other exchanges to capture the Coinbase premium, as the demand for Bitcoin increases, causing Coinbase prices to be higher than elsewhere."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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