Bitcoin Rally Hinges on Coinbase, Kimchi Premiums Turning Positive, Analysis Says
Bitcoin has recently been attempting to establish a bottom, with whale accumulation seen as a sign that supply-side conditions are stabilizing. Whether it can mount a genuine rebound, however, still depends on spot demand. Analysts are focusing on the premium at US exchange Coinbase and South Korea’s “kimchi premium.” Readings above zero typically indicate that buyers using US dollars and South Korean won are willing to pay more to enter the market.
The latest analysis said whales were showing signs of supporting a Bitcoin price recovery, but premiums on Coinbase and in South Korea had yet to turn positive in tandem, leaving the advance unconfirmed. The report provided neither a specific US dollar price target nor a date for the rebound. It characterized the market as being in a bottom-forming phase and said both premiums must rise above 0% to confirm a recovery in demand.
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The history behind this eventCoinbase Premium Reclaims Key Moving Average as Bitcoin Rebounds to $64,000
The Coinbase Premium Index is a key gauge of buying demand from major US institutions and large holders, known as whales. It tracks the difference between Bitcoin prices on regulated US exchange Coinbase and those on other exchanges worldwide. A rising premium indicates that US investors are buying aggressively above the global average price. This is often seen as a leading indicator of a bullish crypto market and can play a decisive role in forecasting Bitcoin’s price trajectory.
According to a report released by blockchain analytics firm CryptoQuant in mid-July, strong buying by large US investors pushed the Coinbase Premium Index back above its 14-day moving average. The breakout directly helped Bitcoin return to $64,000. Although the premiums for Bitcoin and Ether remain negative, both have rebounded from local lows, indicating that buying momentum is rebuilding and laying the groundwork for a further recovery.
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