Bitcoin’s Rebound to $64K Tied to US Whale Buying, CryptoQuant Says

Bitcoin’s climb back to $64,000 appears to be driven by US based whale activity, according to CryptoQuant. The research points to the Coinbase Premium, the price gap between Coinbase’s and Binance’s BTC/USDT pairs, as showing early signs that buying pressure is building again.

Analysts said both the Bitcoin and Ethereum premium indexes remain in negative territory but have bounced off recent lows and reclaimed their 14-day moving averages.This shift with driving Bitcoin’s move from $58,000 to $64,000 and Ethereum’s rally from $1,500 to $1,750, noting that US whale activity continues to be one of the clearest signals for reading short, medium, and long-term market direction.

Index Still Needs to Turn Positive

The Coinbase Premium Index currently sits at -0.08 and hasn’t turned positive on a daily basis in more than two months. Kesmeci described the current setup as enough for a short-term bounce, but said a real long-term shift requires the index to break above zero.