Bitcoin maintains its strong stance at around 70 thousand dollars despite the fluctuating global developments in recent weeks. While factors such as tensions in the Middle East, rising oil prices and decreasing interest rate cut expectations of the US Federal Reserve generally put pressure on the markets, it is noteworthy that Bitcoin maintains its current level.
US Institutional Investor Left Behind
Coinbase Premium index is considered one of the important indicators measuring the demand of US-based institutional investors. Coinbase Premium shows the difference between the price of Bitcoin on the Coinbase exchange, which is listed on Nasdaq for US investors, and the price on the Binance exchange, which has a concentration of international users. The fact that the index is positive indicates that US investors are taking a position ahead of other buyers in the world.
However, current data reveals that Coinbase Premium has fallen to its most negative level in the last month. This negative picture, which started on March 19, shows that Bitcoin is traded at a discount on the US stock market and US-based institutional demand has decreased.
The movements of 11 different spot Bitcoin ETFs traded on US exchanges are also closely monitored. These funds, which generally completed the first quarter of the year with outflows, recorded an inflow of $1.53 billion in the current month. However, while almost all of this figure occurred in the first two weeks of the month, the increase slowed down significantly in the following period. It is frequently emphasized by various market analysts that consistent and high fund inflows are required for the continuation of strong price movements.
The Market Maintains Its Resilience
Despite all these data, the fact that Bitcoin maintains its current price without experiencing a significant decline in a period when global uncertainties and macroeconomic pressures intensify highlights the “resilient” approach of investors.
While fundamental indicators in the Bitcoin market present a complex picture, there is no clear direction in both the approach of institutional investors and the general market dynamics. Vikram Subburaj, CEO of the US-based Giottus stock exchange, made the following evaluation about the process:
“The signal here is that institutional demand has not completely disappeared, but has become more selective and erratic compared to the strongest periods of accumulation.”
During this period, when Bitcoin is traded around 70 thousand dollars, short-term fluctuations and global economic developments are carefully monitored.
Market players expect more clarity on the direction of price movements going forward, looking at both ETF movements and leading indicators such as Coinbase Premium.
