Bitcoin ETF

Bitcoin

Delta

<ul>
 <li><em>Coinbase Premium was on a downtrend in December.</em></li>
 <li><em>Whales had significantly reduced their long exposure.</em></li>
</ul>
<p><a href="https://ambcrypto.com/category/bitcoin-news/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin [BTC]</a> climbed back above $43,000 in the last 24 hours of trading, with the market poised to retreat for end-year festivities on a high. As of this writing, BTC was at $42, 931 with a significant 24-hour gain of 4.51%, as per <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>.</p>
<p>Nearly $26 billion worth of BTCs exchanged hands at the time of writing, causing a 38.54% spike in daily trading volume.</p>
<p>Trading activity was most likely driven by greedy buyers, as observed by AMBCrypto using Hyblock Capital’s data. The traders hoped to multiply their investments come January 2024 when several spot Bitcoin ETF applications could be green-lighted.</p>
<div id="attachment_359419" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-19_10-58-33.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359419" decoding="async" class="size-full wp-image-359419" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-19_10-58-33.png" alt="" width="1320" height="543" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-19_10-58-33.png 1320w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-19_10-58-33-300x123.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-19_10-58-33-1024x421.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-19_10-58-33-768x316.png 768w" sizes="(max-width: 1320px) 100vw, 1320px"></a>
 <p id="caption-attachment-359419" class="wp-caption-text">Source: Hyblock Capital</p>
</div>
<p>However, amidst the upbeat mood, some alarming signals drew the attention of market experts.</p>
<h4>U.S. whales not as bullish as they were</h4>
<p><span data-slate-fragment="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">Coinbase Premium, one of the popular indicators for tracking institutional whale’s movement, showed signs of bearishness. </span></p>
<p><span data-slate-fragment="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">According to AMBCrypto’s analysis of the metric created by CryptoQuant, a sharp fall in U.S. investors’ accumulation patterns was observed over the last week.</span></p>
<div id="attachment_359424" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Coinbase-Premium-Index.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359424" decoding="async" class="size-full wp-image-359424" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Coinbase-Premium-Index.png" alt="" width="2560" height="1612" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Coinbase-Premium-Index.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Coinbase-Premium-Index-300x189.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Coinbase-Premium-Index-1024x645.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Coinbase-Premium-Index-768x484.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Coinbase-Premium-Index-1536x967.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Coinbase-Premium-Index-2048x1290.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-359424" class="wp-caption-text">Source: CryptoQuant</p>
</div>
<p><a href="https://ambcrypto.com/search/coinbase" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Coinbase</a> is the largest cryptocurrency exchange in the U.S. and the first choice for professional investors to trade in digital assets.</p>
<p>The decreasing trend therefore suggested that <span data-slate-fragment="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">whales weren’t buying much as regular, or possibly selling off their holdings.</span></p>
<p>Observing the cold shoulder from whales, CryptoQuant stated,</p>
<blockquote>
 <p>“Consequently, when Bitcoin’s price is on the rise amid high open interest and a declining Coinbase Premium Index, it frequently signals an overheated market.”</p>
</blockquote>
<h4>A larger trend?</h4>
<p>AMBCrypto scanned the Whale vs. Retail Delta indicator from Hyblock Capital and noted a similar story at <a href="https://ambcrypto.com/search/binance" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Binance [BNB]</a>. Whales had significantly reduced their long exposure in December.</p>
<div id="attachment_359426" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-19_11-42-02.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359426" decoding="async" class="size-full wp-image-359426" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-19_11-42-02.png" alt="" width="1320" height="486" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-19_11-42-02.png 1320w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-19_11-42-02-300x110.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-19_11-42-02-1024x377.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-19_11-42-02-768x283.png 768w" sizes="(max-width: 1320px) 100vw, 1320px"></a>
 <p id="caption-attachment-359426" class="wp-caption-text">Source: Hyblock Capital</p>
</div>
<p style="text-align: center;">Is your portfolio green? Check out the&nbsp;<a href="https://ambcrypto.com/calculator/bitcoin-profit-calculator" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">BTC Profit Calculator</a></p>
<p style="text-align: left;">Moreover, the Open Interest (OI) in BTC futures on the world’s largest Bitcoin derivatives exchange, CME, fell 8% over the last week. CME’s standard Bitcoin Futures contract is worth five BTC and a barometer of institutional interest in cryptocurrencies.</p>
<div id="attachment_359440" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/CME.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359440" decoding="async" class="size-full wp-image-359440" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/CME.jpg" alt="" width="1156" height="366" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/CME.jpg 1156w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/CME-300x95.jpg 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/CME-1024x324.jpg 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/CME-768x243.jpg 768w" sizes="(max-width: 1156px) 100vw, 1156px"></a>
 <p id="caption-attachment-359440" class="wp-caption-text">Source: Coinglass</p>
</div>
<p>It remains to be seen if this is just a year-end blip or part of a developing trend that could extend into 2024 as well.</p>

Bitcoin: Are whales taking a festive break?

AMBCrypto

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