US Institutions Buy Bitcoin for the First Time in 10 Days

U.S. institutional investors have begun to actively buy Bitcoin (BTC) for the first time in about 10 days since August 31st. “The Coinbase Premium Gap (CPG), a measure of Bitcoin buying and selling trends, turned positive for the first time in about 10 days since Aug. 31, reaching 9.91,” on-chain data analytics service CryptoQuant (CQ) reported at 7 a.m. on Sept. 10. This indicates that the selling has been strong until recently. The Bitcoin CPG shows US institutional investors buying and selling. A positive reading indicates strong buying, while a negative reading indicates strong selling.

This indicator has been mostly negative since August 31st. This indicates that US institutions have been selling recently. CPG has been moving in tandem with Bitcoin's recent price rise and fall. This suggests that US institutions are driving Bitcoin's price movements. Bitcoin jumped from $54,849 (about $73.74) at 11pm on September 9 to $57,467 (about $77.26) on September 10, a jump of about 5%. The CPG also jumped from -10.01 to 24.12 during this time.

Earlier, when Bitcoin plunged by more than 6% from $56,875 (about $7647) at 9 p.m. on Sept. 6 to $53,498 (about $7193) at 4 a.m. on Sept. 7, the CPG widened its negative range from -5.3 to -55.58.