The CEO of CryptoQuant, Ki Young Ju, believes that large players on Coinbase, known as "whales," are driving the price of Bitcoin. Trading of Bitcoin on Coinbase has surged by over 30% in the past week, leading to a 3.58% dip in Bitcoin's price. The Coinbase Premium Index, which compares Bitcoin's price on Coinbase to the spot market price, has been fluctuating heavily in recent weeks. Different market cohorts also bought Bitcoin at different price points, with ETFs and custody wallets acquiring it at an average price of $89K, while long-term whales bought it at even lower prices. Despite the price drop, some individuals like Eric Trump and Michael Saylor see it as a buying opportunity, while Peter Schiff warns of further declines.



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