Whales lift Bitcoin to $64K after Coinbase Premium reclaims SMA14

CryptoQuant reported that concentrated buying by U.S. whales helped push Bitcoin from roughly $58,000 to about $64,000 after the Coinbase Premium reclaimed its 14-day simple moving average. The firm identified the price gap between Coinbase and Binance BTC/USDT pairs as an early indicator of renewed buy-side momentum on U.S. venues.

Contributor Burak Kesmeci wrote that the Coinbase Premium Index has bounced off local lows and managed to reclaim its SMA14, even though the index remains negative. He noted the index is commonly used to gauge demand on U.S. exchanges and currently sits near -0.08. The metric last flipped positive on daily time frames more than two months ago, according to CryptoQuant’s data.

Kesmeci wrote that “once again, U.S. whale activity is proving to be the leading data point for trend direction,” and characterized the pattern as a catalyst for a short-term bounce while adding that the index needs to move above zero for a confirmed long-term change.

Institutional flow data showed mixed signals this week. U.S. spot Bitcoin exchange-traded funds recorded their first net inflows after an extended $2.7 billion outflow streak. At the same time, Farside Investors reported three straight days of net outflows totaling $95.3 million as of Thursday.

Crypto finance provider Bitcoin Suisse reviewed a set of indicators and said “something shifted” in the market, describing a “bottom signal framework flashing.” The firm referenced ETF flows, price action and sentiment measures. The Crypto Fear & Greed Index remained near its lowest readings, reflecting continued investor caution.

The price rise coincided with gains in ether, which moved from about $1,500 to roughly $1,750 over the same period, and with a broader crypto rally that lifted Bitcoin back toward the mid-$60,000s. Analysts highlighted that concentrated buying on U.S. platforms was a notable factor because the Coinbase Premium isolates U.S.-based price pressure from offshore liquidity.

CryptoQuant and market participants said longer-term confirmation will depend on whether the Coinbase Premium crosses into positive territory and whether ETF flows stabilize into sustained inflows. Traders and institutional managers are monitoring these indicators for signs of a durable market shift.