Bitcoin Price Above $10K Sees 'Strange' Premium After $1M BTC Buys

gepubliceerd op by Cointele | gepubliceerd op

Bitcoin hitting $10,000 has been frantic activity on exchanges - investors are buying the largest cryptocurrency at five figures, not selling.

According to data from monitoring resource Coin Metrics on June 2, one ten-minute period alone saw volume hit a giant 3,500 BTC."Peculiar" BTC price action sparks volume surge.

As markets climbed to highs of $10,340, exchanges saw a sudden surge of interest, with Bitfinex specifically producing what Coin Metrics described as "Very strange" behavior.

"#Bitcoin prices on Bitfinex just did something very strange and are now trading at a $40 premium to the rest of the market," the company tweeted.

"This peculiar price action was accompanied by over 3,500 $BTC volume in the 10 minute candle."

The volume figure came from readings of six major exchanges: Bitfinex, Bitstamp, ItBit, Gemini, Kraken and Coinbase, the latter suffering an outage due to demand.

Responding, Bitfinex CTO Paolo Ardoino described the premium on his platform as "Interesting."

Ardoino further pointed to a volume spike peculiar to Bitfinex, noting that buy orders were still piling up above $10,000.

As Cointelegraph reported, exchange reserves were lingering at their lowest levels since December 2018 as users appeared to want to hold coins, not trade or sell them.

According to the latest data from CryptoQuant analyzing exchange holdings, Bitcoin's push above $10,000 has yet to attract a sizable return to exchange balances.

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