"Institutions and whales continue to accumulate Bitcoin… Coinbase premium index remains positive"

An analysis shows that U.S. institutions and whale investors continue to accumulate Bitcoin (BTC) in the virtual asset (cryptocurrency) market.

On the 20th, a Darkfost analyst at CryptoQuant, an on-chain data platform for virtual assets, said in a QuickTake report, "Bitcoin experienced repeated price fluctuations in the early part of this cycle, but since April the Coinbase premium index has almost continuously remained in the positive zone," adding, "this suggests that institutions and whales are continuing to steadily buy Bitcoin now."

The Coinbase premium index measures the price difference between the Coinbase Pro exchange, which is primarily used by U.S.-based institutions and whales, and other exchanges (such as Binance) to gauge the main buyers. In particular, after the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S., major asset managers such as BlackRock and Fidelity designated Coinbase as a custodian and pricing partner, and the index has been regarded as a representative indicator reflecting institutional demand.

The analyst added, "Accumulation is still ongoing, and there are signs of expanding virtual asset adoption in the U.S.," while noting, "caution is needed given that corrections always follow periods of market overheating."