A significant amount of Bitcoin has recently been transferred from Coinbase to spot exchanges, totaling 4,594 BTC, as reported by CryptoQuant. This surge in activity indicates heightened buying pressure in the United States, primarily attributed to the emergence of Spot ETFs as major players in the ongoing Bitcoin bull market. The total trading volume of Bitcoin Spot ETFs has now exceeded one billion U.S. dollars.
Coinbase has witnessed substantial Bitcoin outflows, amounting to nearly $500 million, with a net outflow of 4,594 BTC on spot exchanges today. While these inflows can impact share prices in the short term, it is important to view this data within the broader context of the increasing dominance of Spot ETFs in the market.
A detailed examination of Coinbase reveals significant outflows at two distinct times over the past two days. On June 4th at 3:00 AM, a net outflow of 3,067 BTC occurred, followed by another outflow of 3,734 BTC on June 5th at 5:00 PM, totaling nearly $500 million. These movements are closely linked to the rise of Spot ETFs, with a recent subscription of $886.6 million to a Spot ETF launched yesterday.
The Coinbase Premium Index, which compares exchange prices, indicates a positive delta on an hourly and daily basis, suggesting active Bitcoin purchases by US buyers that are strengthening the market. This data reinforces the notion that Spot ETFs are driving the current bull market.
The momentum of ETF rally is gaining traction, with Bitcoin Spot ETFs surpassing $1 billion in total volume on June 5th. This surge in demand is likely to sustain the ETF rally, potentially leading to new all-time highs for Bitcoin.
The influx of Bitcoin into spot exchanges and significant outflows from Coinbase underscore a robust buying trend in US spot ETFs. The recent milestone of one billion dollars in combined volume for these ETFs highlights the increasing influence of Spot ETFs on market dynamics and the overall price of Bitcoin.
