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How massive Bitcoin buyer activity on Coinbase propelled BTC price past $32K

Published 01/02/2021, 11:32 AM
Updated 01/03/2021, 01:40 PM
How massive Bitcoin buyer activity on Coinbase propelled BTC price past $32K
BTC/USD
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BTC/USD
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Coinbase has seen a large spike in buyer activity overnight as the price of Bitcoin (BTC) surpassed $32,500 on Jan. 2. Analysts say the trend was reminiscent of MicroStrategy’s Bitcoin accumulation, possibly fueled by institutional buy orders. As a result, BTC surpassed $31,000, reaching a new all-time high.

BTC/USD daily candle chart (Coinbase). Source: Tradingview

In the last 48 hours, Coinbase has continuously seen a high premium compared to Binance. At one point, Bitcoin on the exchange was $100 more expensive than on Binance.

Coinbase outflows. Source: CryptoQuant

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