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Data shows the Bitcoin Coinbase Premium Gap has turned positive, a sign that American whales have been buying alongside the price surge.

Bitcoin Coinbase Premium Gap Has Surged Recently

As pointed out by CryptoQuant author IT Tech in an X post, the Coinbase Premium Gap has observed a shift as BTC’s latest price rally has occurred. The “Coinbase Premium Gap” measures the difference between the Bitcoin price listed on Coinbase (USD pair) and that on Binance (USDT pair).

This indicator is useful for knowing how the userbases of the two cryptocurrency exchanges differ when it comes to BTC buying/selling behavior. There is some overlap in the traffic of these platforms, but Coinbase, being the preferred exchange of US-based investors, particularly large institutional entities, gives movements on it a distinct character from Binance’s globally distributed userbase.

Now, here is the chart shared by IT Tech that shows the trend in the Bitcoin Coinbase Premium Gap over the past month:

As displayed in the above graph, the Bitcoin Coinbase Premium Gap has mostly been inside the negative territory during the last few weeks, indicating that the cryptocurrency has been trading at a lower price on Coinbase compared to Binance. In other words, the American whales have potentially been applying a larger amount of selling pressure or a lower amount of buying pressure than Binance users.

BTC has witnessed a recovery rally during the past few days, and initially, the Coinbase Premium Gap remained inside the red zone, but with the latest leg to $97,000, a shift has occurred. With the indicator now inside the green zone, it would appear possible that the US institutional investors have resumed accumulation of Bitcoin after a near-consistent phase of selling over the past month.

For now, though, the surge into the positive region is still brief, so it only remains to be seen whether the American investors will continue to back the bullish price action in the coming days. Earlier this month, a similar trend developed when Bitcoin saw a rally above $94,000. The Coinbase Premium Gap took a green shade late in that surge, but what followed was a plunge back into the negative zone and a fizzling out for the price rally.

In some other news, the BTC price surge has resulted in a significant amount of short liquidations in the futures market, as analytics firm Glassnode has highlighted in its latest weekly report.

From the chart, it’s visible that Bitcoin short liquidations saw a sharp peak nearing $90 million when BTC first pushed into the $96,000 region during this rally.

BTC Price

At the time of writing, Bitcoin is floating around $96,500, up nearly 8% in the last seven days.

Bitcoin has pushed above the $97,000 level for the first time since early November, reviving optimism across the market after weeks of uncertainty. The move comes after a prolonged consolidation phase, during which bearish narratives gained traction, and several analysts openly discussed the possibility of a broader trend reversal.

The recent breakout has challenged those views, at least in the short term, and reopened the debate around whether Bitcoin is attempting to reestablish bullish momentum or simply staging a temporary recovery.

According to analyst Darkfost, the current advance still shows characteristics of a technical rebound rather than a fully confirmed trend shift. Short-term holders (STHs), in particular, remain highly reactive to price movements and market volatility.

After enduring the recent correction, many of these participants appear focused on capital preservation rather than conviction-based positioning. As prices recover toward key levels, some STHs are already using the rebound as an opportunity to lock in profits.

This behavior suggests that confidence among shorter-horizon investors has not yet been fully restored. While the move above $97,000 improves market structure and sentiment, it also introduces nearby supply as profit-taking intensifies.

Short-Term Holders Prioritize Capital Preservation Near Key Levels

The analysis adds that as Bitcoin continues to advance, short-term holders are increasingly shifting their focus toward capital preservation. With the realized price for this cohort currently sitting near $102,000, the recent rebound places the price closer to their average cost basis, a zone that historically encourages defensive behavior rather than aggressive accumulation. Instead of positioning for extended upside, many short-term participants appear inclined to reduce exposure as risk becomes more balanced.

This dynamic was clearly visible on January 6, when Bitcoin revisited the $94,000 level for the first time since mid-November. As the price reached that threshold, short-term holders sent more than 30,000 BTC in realized profit to exchanges, signaling a willingness to exit positions during the rebound.

The pattern intensified further during the latest push higher. As Bitcoin broke above $97,000, on-chain data shows that over 40,000 BTC in profits were transferred to exchanges in a single day.

Such behavior highlights the lingering impact of the recent correction on short-term sentiment. Many STHs remain cautious and appear reluctant to hold through uncertainty after previously experiencing drawdowns.

For confidence to rebuild, Bitcoin likely needs additional upside and sustained price acceptance above key levels. Without a meaningful expansion in unrealized profits, short-term holders may continue to sell into strength, limiting momentum until stronger confirmation reshapes their risk appetite.

Bitcoin Rebounds Toward Key Resistance

Bitcoin’s price action on the 3-day chart shows a constructive rebound, but the broader structure remains mixed. After finding a local bottom in December near the mid-$80,000s, BTC has carved out a series of higher lows, signaling short-term recovery momentum. The recent push toward the $96,000–$97,000 area marks a meaningful advance, placing the price back above the short-term moving average and near a key former support-turned-resistance zone.

However, the larger trend still reflects consolidation rather than a confirmed trend reversal. Price remains below the declining medium-term moving average, which has acted as dynamic resistance since the breakdown in November. This suggests that, while buyers have regained some control, sellers continue to defend higher levels aggressively.

The long-term moving average is still rising and well below the current price, indicating that the broader macro trend has not fully deteriorated.

Volume dynamics also support a cautious interpretation. The rebound has not been accompanied by sustained expansion in volume, implying that conviction remains limited and that the move may still be corrective in nature. From a structural perspective, BTC is attempting to rebuild acceptance above the $92,000–$94,000 range, which previously acted as a key distribution zone.

In the near term, holding above this reclaimed area would strengthen the bullish case and open the door for a retest of the $100,000 region. Failure to consolidate, however, could expose the market to renewed downside pressure toward the lower consolidation range.

Featured image from ChatGPT, chart from TradingView.com 

Ethereum (ETH) is significantly drawing attention from both institutional investors and everyday users, as on-chain data shows rising participation across staking, treasury accumulation, and wallet creation.

Related Reading: Ethereum New Addresses Hit Record Levels: What’s Driving The Growth?

Similarly, price forecasts remain mixed. While major banks and market analysts see room for further upside, others caution that macro conditions, ETF flows, and technical resistance levels could limit near-term gains.

With ETH trading near the $3,300–$3,400 range in mid-January, the network’s foundation appears stronger than in previous quarters. Yet the question remains whether these developments will translate into a sustained price rally.

Ethereum Staking and Treasury Demand Signal Long-Term Commitment

Ethereum staking has reached a record value of about $118 billion, with roughly 35.8 million ETH locked on the Beacon Chain. This represents close to 30% of the circulating supply, suggesting a growing preference among holders to earn yield rather than sell.

Network participation is also increasing. Active validators now exceed 976,000, while around 2.3 million ETH is queued for future staking. Lido Finance remains the largest staking provider, holding roughly a quarter of all staked ETH.

Corporate treasury activity has added to this trend. BitMine Immersion, one of the largest Ethereum treasury firms, recently staked an additional 154,304 ETH, worth roughly $514 million at current prices. The company’s total ETH holdings now exceed 4 million tokens.

Institutional Forecasts Point to Higher Targets

Several financial institutions have revised their outlook for Ethereum in 2026. Standard Chartered has recently raised its year-end ETH price target to $7,500, up from a previous estimate of $4,000. The bank cited growing demand from corporate treasuries, spot ETH investment products, and expectations for network fee growth.

According to analysts, treasury firms and ETF-related flows have absorbed close to 4% of Ethereum’s circulating supply since mid-2025. Treasury buyers alone reportedly acquired around 2.3 million ETH in just over two months, a pace the bank compares favorably with past Bitcoin accumulation phases.

Standard Chartered also suggested Ethereum could outperform Bitcoin if real-world usage, stablecoin activity, and tokenized asset adoption continue to expand on its network. Longer-term scenarios project costs of up to $25,000 by 2028 and $40,000 by 2030, although these projections rely on optimistic assumptions.

User Growth Rises, But ETH Price Faces Technical Limits

Ethereum’s user base is also expanding. In early January, the network recorded nearly 393,600 new wallet addresses in a single day, with a weekly average of over 327,000 new addresses.

Analysts link this surge to the Fusaka protocol upgrade, which reduced data costs for Layer-2 networks, as well as record stablecoin transfer volumes of roughly $8 trillion in late 2025.

Related Reading: Boycott Urged For CLARITY Act Draft: Expert Raises Concerns Over Banks Manipulation

Despite stronger fundamentals, price action remains cautious. ETH recently tested the $3,400 resistance level, with key hurdles near $3,550 and $3,650 based on long-term moving averages. Support is forming around $3,000, and a failure to hold that level could expose ETH to further downside.

Cover image from ChatGPT, ETHUSD chart from Tradingview