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Binance whales secretly fuel Bitcoin price surge

The recent surge in Bitcoin's price, surpassing $94,300 for the first time since February, appears to be heavily driven by the secret activity of Binance whales. According to cryptocurrency analyst Crypto Dan (@DanCoinInvestor), the Coinbase Premium index has sharply declined, indicating significant involvement from Binance whales on the Binance platform, the world's leading cryptocurrency exchange.

The Coinbase Premium index has sharply dropped to -0.025%, showing that Bitcoin prices on Coinbase platforms were lower through USDT compared to the US dollar. The negative premium indicates that Binance whales operating on Binance are unleashing significant buying activity. According to Crypto Dan, the premium specifically dropped at the time when Bitcoin's value was rapidly increasing over a span of seven days. Binance whales are using their buying power to accumulate Bitcoin, indirectly affecting market conditions based on this notable relationship. Binance whales influence market sentiment

The increased activity of Binance whales has significantly affected overall market sentiment, shifting investors' mood from neutral to noticeably positive. This impactful buying behavior often triggers broader market reactions, ultimately extending to increased purchasing on American trading platforms like Coinbase.