price increase driven by a negative premium on CPG is a direct result of buying pressure from a Binance whale.
This phenomenon first appeared in late April—and it’s still ongoing.
What’s particularly notable is that this pattern has been repeating on weekends.
We saw the same pattern unfold back in September of last year as well.
While buying activity on Coinbase (U.S.) is important, the market is ultimately driven by Binance whales.
Even if short-term fluctuations occur, the current trend won’t be easily reversed.
The market remains light and filled with doubt.
Written by Mignolet
