US Whales Boost Bitcoin Price to $64K Amid Coinbase Premium Breakout
Vexoda Newsroom
Bitcoin's recent surge to $64K is attributed to US-based whales and the recovery of the Coinbase Premium above its 14-day moving average, according to new analysis from CryptoQuant.
US-based crypto whales have driven Bitcoin (BTC) prices back up to $64K as the Coinbase Premium broke a key trend line. This development was highlighted in an analysis by onchain analytics platform CryptoQuant, which attributed the price rebound to significant demand shifts among US investors.
The Coinbase Premium measures the difference between BTC/USDT pairs traded on Coinbase and Binance, with positive values indicating increased buying pressure at Coinbase. Burak Kesmeci of CryptoQuant noted that both Bitcoin (BTC) and Ethereum’s indices have bounced off local lows and reclaimed their 14-day simple moving averages (SMA).
Despite the overall negative trend in the Coinbase Premium for much of 2026, indicating weak demand from investors on the largest US crypto exchange, Kesmeci pointed out that this metric is a key indicator of market direction. The current index value stands at -0.08, having last been positive more than two months ago.
These developments come as institutional interest in Bitcoin ETFs also shows signs of shifting. According to data from UK-based Farside Investors, US spot Bitcoin exchange-traded funds (ETFs) experienced their first net inflows after a record-breaking $2.7 billion outflow period. However, investor sentiment remains cautious and sensitive to price fluctuations.
Institutional demand is further supported by the recent activities of Japanese lenders launching Bitcoin-backed loans up to $6.2 million, indicating growing acceptance and integration of cryptocurrencies into traditional financial systems. This move could potentially attract more institutional capital into BTC markets.
The broader implications suggest that US whale activity remains a key driver for short-term market trends in Bitcoin. However, sustained positive momentum will require the Coinbase Premium index to break above zero consistently over time. Traders should continue monitoring these metrics closely as they form part of a larger picture indicating changes in investor sentiment and market conditions.
For traders looking ahead, it is crucial to watch both the Coinbase Premium for continued signs of buying pressure and overall ETF flow data for sustained institutional interest. These factors will likely influence Bitcoin's trajectory over coming weeks.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.