A recent surge in Bitcoin transfers from Coinbase to spot exchanges has caught the attention of CryptoQuant, with a total of 4,594 BTC on the move. This activity points to increased buying pressure in the United States, largely attributed to the influence of Spot ETFs in the current Bitcoin bull market. The trading volume for Bitcoin Spot ETFs has now exceeded a staggering one billion dollars.
The significant outflow of Bitcoin from Coinbase to spot exchanges, totaling 4,594 BTC, indicates a strong presence of buyers in the US market. This data confirms the pivotal role that Spot ETFs are playing in driving the current bullish cycle. The trend is reflected in the Coinbase Premium Index, showing a positive delta on both hourly and daily scales, reinforcing the active buying behavior of US investors.
Coinbase experienced notable outflows on June 4th and June 5th, with a total of nearly $500 million worth of Bitcoin leaving the exchange. These movements are closely tied to the increasing dominance of Spot ETFs in the market. The recent subscription of $886.6 million to a Spot ETF further underscores the growing influence of these ETFs in shaping market dynamics.
As Bitcoin Spot ETFs surpass the one billion dollar mark in total volume, the momentum of the ETF rally continues to build. This surge in demand for Spot ETFs is likely to fuel further growth in the market, potentially leading to new all-time highs for Bitcoin. The influx of Bitcoin into spot exchanges and the simultaneous outflows from Coinbase highlight a strong buying trend in US spot ETFs, emphasizing their significant impact on market trends and Bitcoin prices overall.