US Whales Drive Bitcoin Price Rebound to $64K

Bitcoin's recent price rebound to $64,000 has been attributed to the increasing demand from US-based 'whales' according to a new analysis by onchain analytics platform CryptoQuant. The Coinbase Premium, which measures the difference in price between Coinbase's and Binance's BTC/USDT pairs, is showing signs of buy-side momentum regaining strength.

The Coinbase Premium Index for both Bitcoin and Ethereum remains in negative territory, but has bounced off their local lows and reclaimed their 14-day simple moving average. This shift is seen as a catalyst for a short-term bounce, but not necessarily a long-term regime change.

Bitcoin Suisse, a crypto finance provider, also notes that institutional demand may be on the rise, citing US spot Bitcoin exchange-traded funds (ETFs) seeing their first net inflows after a record-breaking $2.7 billion losing streak.