Tracking the Bitcoin supply and demand flow in the US market and monitoring changes in investment sentiment. In particular, analyzing market participants' psychology and supply environment through key indicators such as Coinbase's inflow and outflow status, premium index, and OTC trading volume, which are mainly used by US institutional investors. This can be used as a reference to gauge the short-term market trend and overall investment temperature. [Editor's Note]
As of the 8th, Coinbase's Bitcoin Netflow was +268.87 BTC, turning to a large net inflow compared to the previous day (-8257.98 BTC). This could be a signal that the large withdrawal flow has calmed down, and it may also suggest a short-term liquidity recovery or institutional investors' preparation for buying.
Over the past 4 days, Coinbase has mostly seen a net outflow trend. On the 4th, it showed a net inflow of +90.30 BTC, but on the 5th it was -239.36 BTC, on the 6th -251.15 BTC, and on the 7th -8257.98 BTC, showing a sharp increase in large external wallet movements.
Such a situation of net inflow resuming after a large outflow could be a movement for liquidity change or position adjustment within a short-term adjustment trend. If the inflow trend continues, it can also be interpreted as a signal of strategy changes or short-term selling and buying preparation by market participants.
The Coinbase Premium was recorded at 0.0064% as of the 7th. This is a decrease compared to the previous day's (6th) 0.0129%, indicating a somewhat weakened buying intensity in the US.
After rising to 0.0249% on June 30th, 0.0290% on July 1st, and 0.0356% on the 2nd, the premium indicator has turned downward again, showing signs of demand slowdown in the US.
This indicator represents the price difference between the US-based exchange Coinbase and the global exchange Binance for Bitcoin, and a positive (+) value is interpreted as a signal of relatively strong buying sentiment in the US.
Meanwhile, Coinbase Prime's Bitcoin trading volume was about 4459.04 BTC, a sharp increase of about 170.5% compared to the previous day's (July 6th) 1648.94 BTC. The trading volume in dollars was calculated at $473.62 million.
The nearly threefold increase in trading volume is interpreted as a signal that institutional demand is flowing back in. In particular, OTC-based trading, which had been stagnant since the end of June, is becoming active again, showing the possibility of large participants returning to the market.
This can act as a factor that, in conjunction with the medium to long-term demand recovery trend for Bitcoin, could add additional liquidity and price increase pressure to the market as a whole.
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