Bitcoin being the marquee coin for crypto as a whole, is watched closely for its latest price swings but with a spike in its trading volume.
Ki Young Ju, the CEO of CryptoQuant, contests that 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 26, 2025
Coinbase Spot Volume Surges as Bitcoin Wobbles
Over the past week, trading of Bitcoin on Coinbase surged by more than 30%, reflecting a rise in Bitcoin trading on the platform. This along with the overall market ups and downs, led to Bitcoin’s price dipping by 3.58% in the last day, landing around $88,700.
Source: X
Coinbase Premium Index: Another Price Indicator
Besides the spike in trading volume, the Coinbase Premium Index gives more info on Bitcoin’s price changes.
Related: Bitcoin Bull Run Cycle? Chart Points to Next Phase for BTC with Price Analysis
This index looks at Bitcoin’s price compared to the spot market price on Coinbase. It’s been pretty jumpy these past few weeks. Just recently, on February 24, Bitcoin’s price went from $95,000 down to $88,900.
Bitcoin’s Cost Basis: Different Groups, Different Prices
Looking deeper, on February 19, 2025, Ki Young Ju shared more details into Bitcoin’s cost basis across various market cohorts.
According to his analysis, ETFs and custody wallets bought in at an average price of $89K. Binance traders, on the other hand, got their Bitcoin at a much cheaper price of $59K.
Digging even further, mining companies and long-term whales own Bitcoin that they bought at even lower prices. Old whales, for example, are holding BTC that they picked up around $25K. These differences in cost show that various kinds of Bitcoin holders jumped into the market at very different price points, showing just how diverse Bitcoin’s owners are.
Market Reacts to Bitcoin Price Rollercoaster
Bitcoin’s wild price swings have gotten reactions from important people in the crypto market.
Despite the recent price drop, Eric Trump, son of U.S. President Donald Trump, encouraged followers to “Buy the dips,” urging investors to view market corrections as buying opportunities. This statement sided with many crypto enthusiasts who see such price drops as a chance to buy Bitcoin at lower levels.
₿uy the dips!!!
— Eric Trump (@EricTrump) February 25, 2025
Likewise, Michael Saylor called the price drop a “Bitcoin sale.” This suggests his company might buy even more Bitcoin while prices are down. Saylor is known for being a big Bitcoin backer. His company, Strategy, has been collecting Bitcoin for a while now.
Related: Bitcoin Cracks Below $90,000: Market Tremors and Trader Losses Mount
However, not everyone feels so good about the price drop. Peter Schiff, who talks up gold, slammed Bitcoin’s volatility. He warned that prices could fall even further; meaning, he’s still not sold on the cryptocurrency.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
