While we have been waiting for the SEC to announce its spot Bitcoin ETF decision for a long time, Techcrunch reporter Jacquelyn Melinek said that the SEC will approve the ETF applications of more than one company and pointed to today.
At this point, while investors and the market are focused on today for the spot BTC ETF, institutional investors appear to be heavily accumulating BTC ahead of the decision.
CryptoQuant analyst Maartunn said that there is activity in Coinbase, the largest cryptocurrency exchange in the USA.
In this context, the analyst pointed out that there is a difference between the BTC price in Binance and Coinbase, and said that the Coinbase Premium Gap index, which shows this difference, has been traded at a continuously high level since the beginning of 2024.
Stating that high levels in the Coinbase Premium Gap index indicate a strong purchase, the analyst argued that US institutional investors may be accumulating BTC.
“Something important is happening at Coinbase.
Because the Coinbase Premium Gap, an indicator that highlights the disparity between Bitcoin prices on Binance and Coinbase, has been trading at a consistently high level since the beginning of the new year.
While this is considered an indicator of strong buying activity, it may be a sign that US institutional investors are accumulating BTC ahead of the ETF decision.
Because it is known that Coinbase is a preferred platform for US institutional investors.”
Finally, referring to the recent purchase of BTC by MicroStrategy, the world's largest institutional Bitcoin owner, the analyst stated that MicroStrategy continues to accumulate BTC amid the excitement surrounding the approval of the spot Bitcoin ETF.
At the time of writing, Bitcoin continues to be traded at $43,822 on the Binance exchange and $43,855 on the Coinbase exchange.
*This is not investment advice.
