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Bitcoin hit $64K as CryptoQuant flagged US whale activity and a rebounding Coinbase Premium, signaling short‑term strength amid mixed spot demand.
Bitcoin surged to $64,000 on July 5, driven by US‑based whale buying that lifted the Coinbase Premium above its 14‑day moving average, according to on‑chain data from CryptoQuant [1].
| At a glance | |
|---|---|
| Price | $64,000 |
| 24h % move | +8% |
| Key level | Coinbase Premium above SMA‑14 |
| Catalyst | US whale activity (CryptoQuant) |
CryptoQuant’s Coinbase Premium Index measures the price gap between Coinbase and Binance BTC/USDT pairs. The index, still in negative territory at –0.08, reclaimed its 14‑day simple moving average (SMA‑14) for the first time in over two months, a move the platform links to the jump from $58K to $64K [1]. Analyst Burak Kesmeci notes that while the premium remains below zero, the bounce off its local low and SMA‑14 suggests “short‑term bounce” potential, though a sustained regime shift would require the metric to turn positive [1].
The premium’s rise reflects concentrated buying by US whales, which CryptoQuant identifies as a leading indicator for trend direction across short, medium, and long horizons [1]. This on‑chain signal contrasts with broader market sentiment: Bitcoin Suisse highlighted that US spot Bitcoin ETFs recorded their first net inflows after a $2.7 billion outflow streak, yet overall investor sentiment stays sensitive to modest price moves [1].
While the premium rebound points to whale‑driven buying, CryptoQuant’s demand metric—tracking 30‑day outright spot purchases—remained negative throughout April, even as perpetual futures demand surged [4]. Julio Moreno, head of research at CryptoQuant, warns that this divergence—rising futures demand paired with contracting spot demand—often precedes price corrections once leveraged positions unwind [4]. The pattern mirrors Bitcoin’s earlier rally in April, where a 12.7% monthly gain was similarly powered by futures rather than fresh spot accumulation [4].
Together, the data suggest that Bitcoin’s current price level rests on short‑term buying pressure from large holders and leveraged trading, rather than a broad-based spot accumulation cycle.
The CryptoQuant analysis underscores that Bitcoin’s climb to $64K is anchored in concentrated whale activity and a rebounding Coinbase Premium, yet the underlying spot demand remains weak. Whether the premium can sustain a positive reading and spot demand recovers will determine if the rally can transition from a short‑term bounce to a longer‑term regime change.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 4 outlets · Jul 18, 2026 · How we report
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