Rising US Retail Investor BTC Demand is a Positive Signal for Price

IconCryptoNewsTerminal Staff30 Aug, 2024

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Rising US Retail Investor BTC Demand is a Positive Signal for Price

CoinDesk recently analyzed data from CryptoQuant and found that the Bitcoin Coinbase premium (the price difference between Coinbase and Binance) has reached its highest level since July. Additionally, net BTC inflows into Coinbase from non-US exchanges have begun to rise again. These two factors suggest that demand for Bitcoin from US retail investors is increasing, which is often interpreted as a positive signal for the future price of Bitcoin. Augustine Fan, Head of Site for on-chain settlement framework developer SOFA.org, said in a memo that 'BTC, ETH remain range-bound in the past week with sideways movement within 1.5%. Market is likely to pick up steam next week after Labor Day in the US and the release of the August US non-farm payrolls'.

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