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📈 The latest Bitcoin price pullback toward $90,000 was likely a buy-the-dip opportunity and in line with previous bull markets. These are three metrics that suggest it:
🔸 1/ Coinbase Premium Index: BTC demand returns
BTC price drop may be attributed to a decrease in demand from the USA. That was evident by a sharp drop in the Coinbase Premium Index. However, it bounced back, rising from -0.0387 on June 26 to the current value of 0.091. A rising Coinbase premium is a proxy for increasing demand from US retail investors. (Source: CryptoQuant).
🔸 2/ Spot Bitcoin ETF inflows flip positive
BTC’s ongoing recovery aligns with renewed inflows for US-based spot Bitcoin exchange-traded funds (ETFs) as they flipped positive on Nov. 26.
🔸 3/ Bitcoin balance on exchanges falls to 6-year lows
Decreasing BTC balances on exchanges suggests that less supply is available for potential selling as investors move funds elsewhere, such as self-custody wallets.
