Ramazan Eles 
Despite a subdued market over the long weekend and a slight dip in total crypto market volume, signs emerge suggesting a potential resurgence of institutional buying in Bitcoin (BTC).
On-chain analyst Maartunn observed a significant increase in the Coinbase premium gap exceeding 50 since March 30th. This metric, historically a reliable indicator of US institutional buying activity, suggests renewed interest from this critical investor segment. The timing coincides with the release of the US PCE inflation data, hinting that institutional investors might be viewing the results favorably for Bitcoin.
Spot Bitcoin ETFs Poised for Inflow?
With the Bitcoin halving event approaching in mid-April, analysts anticipate a potential surge in spot Bitcoin ETF inflows. The current rise in the Coinbase premium gap further strengthens this possibility, suggesting increased demand for Bitcoin on US exchanges.
While short-term price action remains relatively flat, analysts maintain a bullish outlook for Bitcoin’s long-term trajectory. Ryze Labs highlights the widening gap between hedge fund short-selling activity and asset manager buying, potentially setting the stage for a short squeeze that could propel Bitcoin’s price upwards. Additionally, popular analyst Michael van de Poppe emphasizes that the current consolidation phase near $70,000 aligns with historical Bitcoin price cycles and predicts significant long-term price appreciation.
Muted Futures and Options Activity
The holiday weekend and potential anticipation of a price dip seem to be dampening activity in the Bitcoin futures and options market. Open interest in both CME BTC futures and total BTC options has declined slightly.
Currently, Bitcoin trades around $70,189, with a 24-hour range of $69,076 to $70,513. Trading volume has dipped by over 25% compared to the previous day.
Overall, the rise in the Coinbase premium gap offers an encouraging sign for renewed institutional interest in Bitcoin. Coupled with a potential surge in spot Bitcoin ETF inflows and a bullish long-term outlook from analysts, Bitcoin’s future trajectory appears promising.