Bitcoin’s recent price softness may be less about broader macroeconomic pressures and more about U.S.-based whales quietly reducing exposure, according to new insights from CryptoQuant.
U.S. Whales Start to Retreat
CryptoQuant analyst AbramChart points to a sharp drop in the Coinbase Premium, a key metric that gauges the difference between Bitcoin’s price on Coinbase and other global exchanges. This premium has plunged to -5.07, its lowest level in weeks, indicating that BTC is trading at a notable discount on the leading U.S. crypto platform.
This negative premium often signals bearish sentiment among U.S. institutional and high-net-worth investors, suggesting that American whales are pulling back from the market. The timing coincides with Bitcoin’s failure to break past the critical $100,000 resistance level after peaking around $98,000 in April.
“The recent downturn in the Coinbase Premium hints at increased selling pressure from U.S. investors,” AbramChart noted, adding that this could signal short-term downside risk if the gap remains negative.
Market Reactions and Price Trends
Bitcoin is currently trading around $94,294, reflecting a modest 0.4% daily decline. The asset has bounced multiple times off its $93,000 support in recent days but has been unable to reclaim momentum beyond $95,000.
Despite the short-term struggle, Bitcoin still shows strength on a broader timeline—up 13.6% in the past 30 days and nearly 45% year-over-year.
Yet the shift in U.S. whale behavior, as indicated by the Coinbase Premium’s downturn, has emerged as a crucial signal for traders, especially with BTC’s $100K breakout hanging in the balance.
