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Market sentiment in the United States around the crypto market is recovering, said the founder of crypto analytics portal CryptoQuant, based on the Coinbase Premium Index. For the first time since the collapse of major crypto exchange FTX, the index climbed into the green zone.
Market sentiment in the U.S. is getting recovered. $BTC hourly price premium in Coinbase turned positive for the first time since the FTX bank run.https://t.co/XQXuT8R0oW pic.twitter.com/3vXy2tFtuy
— Ki Young Ju (@ki_young_ju) November 30, 2022
As reported by U.Today earlier, the Coinbase Premium Index helps the community understand the sentiment of large investors operating on the trading platform to professionals from the exchange of the same name. It also includes institutional investors, of which Coinbase has the majority, according to its third-quarter report this year.
The index is rising because of increased trading volume on the exchange, indicating a return of buying power and the start of the accumulation of positions in Bitcoin by these big players.
Gamza KhanzadaevIs Bitcoin rally on the table?
The return of this crypto market weather vane to positive values is another confirmation of optimistic sentiment. It was not until two days ago that a large accumulation of Bitcoin also came to light, with almost 50,000 BTC purchased by various investors over a five-day period in late November. Even earlier, a historic high was reached in the number of wallets holding between 0.1 and 10 BTC.
The trend is clear and understandable. While fear ruled the crypto market, smart money got their bags out, caught the right moment and started buying.
Alex Dovbnya
Vladislav Sopov
U.Today Editorial Team
Dan Burgin