27.02.2025 14:20
CryptoQuant CEO Ki Young Ju revealed that Bitcoin (BTC) price movements are largely influenced by whales on Coinbase. According to an analysis shared in a tweet on February 26, Coinbase's spot volume has increased by over 30% in the past week. This indicates that both the bull market and the recent correction are being driven by U.S. institutional investors.
The recent developments in the Bitcoin market are highlighting the impact of institutional investors more clearly. According to CryptoQuant data, whales on Coinbase play a critical role in price movements, while the negative Coinbase BTC premium indicates the dominance of U.S.-based investors in the market. These developments provide important clues about the future of Bitcoin.
Allegations of Coinbase Manipulating Cryptocurrency Markets
Simultaneously with the whale activities on Coinbase, spot Bitcoin ETFs have passed a significant turning point. According to SoSoValue data, there was an outflow of $937.78 million from ETFs on February 25. This figure significantly exceeds the previous record of $680 million on December 19, 2024, indicating an increase in selling pressure from institutional investors.
A report published by 10x Research reveals an even more interesting picture. Only 44% of U.S. Bitcoin ETF entries are intended for long-term holding. The remaining portion is believed to be likely tied to arbitrage strategies. This situation suggests that the actual long-term demand for Bitcoin as an investment vehicle in high-net-worth portfolios may be significantly more limited than media narratives suggest.
The price correction is largely driven by macroeconomic factors. The additional 25% tariffs proposed by U.S. President Donald Trump on imports from Canada and Mexico will come into effect in March. This situation further raises inflation concerns.
Despite all these developments, the CEO of CryptoQuant remains optimistic in the long term. In an analysis dated February 19, he argued that the Bitcoin bull cycle is still ongoing. He emphasized that in past cycles, price declines of up to 30% from all-time highs have been observed, and this does not indicate a bear market.