Mignolet
Bitcoin's rally continues, led by Binance exchange.
Two weeks ago, on October 14th, Binance whales involvement in the market began during the Asian trading hours, and today, CPG is again declining alongside price increases—a clear sign of Binance whales intervention. This should not be simplistically interpreted as a decline in U.S. demand. Over the past two weeks, demand for U.S. Bitcoin spot ETFs has surged, with a net inflow of approximately 47,000 Bitcoin. movement in CPG data is closely tied to ETF demand, as most ETF products use Coinbase. For two weeks now, CPG data has shown a negative premium. If U.S. demand had declined, we would expect this; however, it has not. This phenomenon is clearly driven by Binance whales involvement. In summary: The current Bitcoin price is being driven by Binance whales, with sustained inflows of U.S. capital.