Bitcoin price gains came thanks to US whales propeling the Coinbase Premium above a key trend line, new analysis from CryptoQuant reported.
Bitcoin (BTC) demand shifts are “behind” the price rebound to $64,000, new analysis claims.
In a blog post on Friday, onchain analytics platform CryptoQuant attributed Bitcoin’s July upside to US-based whales.
Specifically, the Coinbase Premium — the difference in price between Coinbase’s and Binance’s BTC/USDT pairs — is showing early signs of buy-side momentum “regaining strength.”
“The Coinbase Premium Index for both BTC and ETH remains in negative territory, but both have bounced off their local lows,” contributor Burak Kesmeci wrote.
Bitcoin Coinbase Premium Index with 14-day SMA. Source: CryptoQuant
Kesmeci referred to the Coinbase Premium Index’s 14-day simple moving average. As Cointelegraph reported, the Index has spent much of 2026 in negative territory, implying weak demand from both large and small investors on the largest US crypto exchange.
“Once again, U.S. whale activity is proving to be the leading data point for trend direction. Short-, medium-, and long-term regime shifts can all be read through this metric,” Kesmeci continued.
The Index currently sits at -0.08, per CryptoQuant data, having last flipped positive on daily time frames more than two months ago.
“The current picture is a catalyst for a short-term bounce — but for a real long-term regime change, this metric needs to break above zero,” Kesmeci concluded.
As Cointelegraph reported, institutional demand is also on the radar for market participants.
Related: BTC speculators in focus as analysis says 'textbook Bitcoin bottom' is underway
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