A recent surge in Bitcoin transfers from Coinbase to spot exchanges has been reported, totaling 4,594 BTC according to CryptoQuant. This uptick in activity reflects increased buying pressure in the United States, largely attributed to the emergence of Spot ETFs as key players in the current Bitcoin bull market. The total trading volume of Bitcoin Spot ETFs has now surpassed one billion U.S. dollars.
Coinbase has witnessed significant outflows of Bitcoin amounting to nearly $500 million. The movement of 4,594 BTC to spot exchanges indicates a strong buying trend in the U.S. market. This data highlights the pivotal role that Spot ETFs are playing in driving the current bullish cycle.
Analyzing the Coinbase data further reveals substantial outflows on two separate occasions in the past two days. On June 4th at 3:00 AM, there was a net outflow of 3,067 BTC, followed by another 3,734 BTC leaving Coinbase on June 5th at 5:00 PM. These outflows, totaling close to $500 million, are closely tied to the activities in Spot ETFs. A recent Spot ETF launch saw subscriptions totaling $886.6 million.
The Coinbase Premium Index, which compares exchange prices across different platforms, indicates a positive delta on both hourly and daily timeframes. This suggests active buying of Bitcoin by U.S. investors, further boosting the market. The data underscores the significant influence of Spot ETFs in driving the current bull market momentum.
The momentum of ETF rallies continues to grow, with Bitcoin Spot ETFs breaking the one billion dollar mark on June 5th. This surge in demand is expected to fuel the ongoing ETF rally, potentially pushing Bitcoin prices to new all-time highs.
The influx of Bitcoin into spot exchanges and the significant outflows from Coinbase highlight a strong buying trend in U.S. Spot ETFs. With the combined volume of ETFs surpassing one billion dollars, it is evident that market dynamics are increasingly being shaped by the influence of Spot ETFs on Bitcoin prices.
