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Bitcoin (BTC) price started September on a negative note, dropping below $26,000 again on Friday. However, a critical on-chain indicator reveals the increasing buying pressure from US-based whale investors.
The US Federal Reserve will announce new Interest Rates on September 19. Just 10 days before the critical monetary policy meeting, it seems that US-based institutional firms are accumulating Bitcoin (BTC) at the last minute. Will this trigger a price increase in the coming days?
As the next Fed meeting approaches rapidly, a vital on-chain indicator shows that American corporate investors are increasing their buying pressure. Coinbase Premium Index of CryptoQuant demonstrates the percentage difference between Bitcoin prices on Coinbase Pro and Binance spot markets.
While Binance dominates the global individual spot market, Coinbase Pro is largely dominated by US-based institutional firms and high-net-worth investors. Therefore, positive values ​​of the Premium Index indicate an increase in buying pressure on Coinbase by US investors. The chart shows that Coinbase Premium Index reached positive values ​​for the first time this month on September 7. However, the last time the Coinbase index crossed above 0.80 was around March 2023. This was followed by a price increase towards the peak of 30,500 dollars in 2023.
It is yet uncertain whether Coinbase Premium Index will continue to rise. Such a situation may increase the confidence of individual investors and trigger a price increase before the next Fed meeting. This optimistic stance is further strengthened by the liquidity flowing into Bitcoin spot markets this week. According to Cryptoquant, Bitcoin Spot Trading Volume has been continuously increasing since September 2 and has almost doubled.
Critical Data in Bitcoin!
The spot transaction volume of BTC on September 2 was 14,230 BTC. By the closing of September 7, a total of 32,632 BTC was traded on various cryptocurrency exchanges. This represents a 130% increase in spot market volumes within a week. In bear markets, as investors close their positions, spot trading volumes decrease. Therefore, increasing BTC spot volumes during the current stagnant price movement may indicate the return of liquidity and investor interest to the market. This increased liquidity can help Bitcoin investors fulfill their orders efficiently while keeping prices stable in the coming days.
Furthermore, past data trends show that sudden increases in BTC spot trading volumes usually occur before recent Bitcoin price increases. Consequently, the buying pressure from US-based whales and the increase in BTC spot trading volume could trigger a rise in Bitcoin price.
