Last updated on February 28th, 2025 at 04:39 pm
CryptoQuant CEO Ki Young Ju has highlighted the growing influence of Coinbase whales on Bitcoin’s price movements, emphasizing that U.S. investors largely drive the current bull market.
In a February 26 post on X, Ju noted that Coinbase’s share of total Bitcoin spot trading volume had exceeded 30% in the past week. At the same time, the Coinbase BTC premium, which measures the price difference between Bitcoin on Coinbase and other exchanges like Binance, remained negative.
Coinbase whale(s) are driving BTC price action. Spot volume dominance +30% in 7 days, CB premium negative. pic.twitter.com/6hszgLw9iY
— Ki Young Ju (@ki_young_ju) February 26, 2025
Bitcoin, currently trading at $86,000.95, has declined 10.61% in the past seven days, retreating from its $109,114.88 all-time high earlier this year. Ju’s comments suggest that U.S. institutional investors are not only driving the bull market but also contributing to the recent price correction.
Meanwhile, the ongoing market pullback has been further exacerbated by macroeconomic uncertainties. Former U.S. President Donald Trump’s proposed 25% tariffs on Canadian and Mexican imports, set to take effect in March, have fueled fears of rising inflation, adding to investor concerns and dampening market sentiment.
Notably, the CEO had expressed confidence in the fact that Bitcoin’s bull cycle is intact. In an X post on February 19, he noted that past cycles saw 30% drops from all-time highs without signalling a bear market.
Meanwhile, as whale activity surged on Coinbase, spot Bitcoin ETFs saw their largest single-day outflow since launch, with $937.78 million exiting on February 25, per SoSoValue data. A February 25 report by 10x Research revealed that only 44% of U.S. Bitcoin ETF inflows are for long-term holding, while the majority are driven by arbitrage strategies, challenging the prevailing media narrative on institutional demand.
In another development, Ju has also weighed in on the future of the altcoin market, predicting a “selective altseason” in 2025. In a February 25 post, he argued that indiscriminate altcoin rallies are over, urging investors to focus on projects with strong fundamentals, such as ETF approval prospects, active user engagement, and revenue generation.
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