$ETH

Binance whales secretly fuel Bitcoin's price surge

It seems that the recent rise in Bitcoin’s price, surpassing $94,300 for the first time since February, is heavily driven by the secret activity of Binance whales. According to cryptocurrency analyst Crypto Dan (@DanCoinInvestor), the Coinbase Premium index has sharply declined, indicating significant participation from Binance whales on the Binance platform, the leading global cryptocurrency exchange.

The Coinbase Premium index has sharply dropped to -0.025%, showing that Bitcoin prices on Coinbase platforms were lower through USDT compared to the US dollar. The negative premium indicates that Binance whales operating on Binance are unleashing significant buying activity. According to Crypto Dan, the premium specifically dropped at the time when Bitcoin’s value rapidly increased over seven days. Binance whales are using their purchasing power to accumulate Bitcoin, indirectly affecting market conditions based on this notable relationship. Binance whales influence market sentiment

The increased activity of Binance whales has significantly impacted overall market sentiment, shifting investor mood from neutrality to positivity. This influential buying behavior often triggers broader market responses, ultimately extending to an increase in buying on American trading platforms like Coinbase.