# CryptoQuant Head: Bitcoin Price Movements Propelled by Coinbase Giants
As per Ki Young Ju, CryptoQuant’s chief executive, recent Bitcoin price instability has been greatly swayed by Coinbase’s large-scale investors. Do On-Chain Measurements Herald the Cessation of Bitcoin’s Upward Trend?
In a post on X from February 26, Ju remarked that Coinbase’s spot trading volume percentage (denoting its portion of overall spot Bitcoin (BTC) trading volume) has risen to above 30% in the last week.
At the same time, the Coinbase BTC premium (which monitors the price variance between Bitcoin on Coinbase and other exchanges such as Binance) is still negative. This implies that American investors, specifically institutional ones, are powering both the upward market and the recent adjustments.
In line with the giant activity on Coinbase, spot Bitcoin ETFs documented their biggest one-day outflow since introduction, with $937.78 million exiting on February 25, based on SoSoValue statistics. This number greatly surpasses the prior outflow record of $680 million on January 19, signaling amplified selling strain from institutional investors.
In the meantime, a report issued by 10x Research on February 25 mentioned that just 44% of inflows into American Bitcoin ETFs are being used for extended holding, with the remaining portion possibly connected to arbitrage tactics. This hints that the actual extended demand for Bitcoin as an asset in multi-asset portfolios may be much tinier than media reports propose.
The present market decline is mostly activated by macroeconomic elements that have intensified market doubt. Former American President Donald Trump’s suggestion to enforce a 25% levy on imported goods from Canada and Mexico, planned to begin in March, has worsened anxieties regarding growing inflation.
Regardless of the corrections, CryptoQuant’s head stays optimistic long-term.
In entry #19, he asserted that the Bitcoin upswing phase is still undamaged, mentioning that earlier phases have witnessed costs decline as much as 30% from record peaks without indicating a downtrend. Thus, according to him, a considerable decrease doesn’t automatically imply the celebration is finished for Bitcoin.
