Coinbase Whales Are Driving BTC Price Action

Ki Young Ju, the CEO of CryptoQuant, contests that big players on Coinbase “whales,” are the ones affecting Bitcoin’s price

Crypto market behemoth Bitcoin (BTC) has been showing some major price swings as of late, and with a spike in trading volume for the marquee coin, there’s sure to be some interest in what’s affecting the coin’s latest movements.

According to CryptoQuant CEO Ki Young Ju, big players on Coinbase—“whales”—are the ones affecting Bitcoin’s price.

Coinbase whale(s) are driving BTC price action.

Spot volume dominance +30% in 7 days, CB premium negative. pic.twitter.com/6hszgLw9iY

— Ki Young Ju (@Ki_Young_Ju) February 24, 2025

Over the last week, trading of Bitcoin on Coinbase has surged by more than 30%. This comes as the crypto has been showing some major ups and downs, with the coin dipping by 3.58% in the last 24 hours to land around the $88,700 mark.

Coinbase Premium Index: Another Price Indicator

While the spike in trading volume is one indicator, the Coinbase Premium Index provides further insight into Bitcoin’s price changes.

This index measures Bitcoin’s price on Coinbase in relation to the spot market price. It has been exhibiting significant volatility in recent weeks.

On February 24, Bitcoin’s price went from $95,000 to $88,900, and this rapid price decrease sparked reactions from prominent figures in the crypto sphere.

Bitcoin’s Cost Basis: Different Groups, Different Prices

Earlier this month, on February 19, Ju shared more insight into Bitcoin’s cost basis across various market cohorts.

According to his analysis, ETFs and custody wallets acquired their Bitcoin at an average price of $89K. In contrast, Binance traders purchased Bitcoin at a significantly lower cost, with an average price of $59K.

Examining the data even further, mining companies and long-term whales hold Bitcoin that they bought at even lower prices. For instance, old whales are holding BTC that they acquired at an average price of around $25K.

These differences in cost demonstrate that different types of Bitcoin holders entered the market at very distinct price points, highlighting the diverse nature of Bitcoin’s owners.

As the crypto market continues to be a hot topic of discussion, it will be interesting to see what other insights Ju shares about the market trends and the factors influencing cryptocurrency prices.