According to blockchain analysis firm CryptoQuant, US-based Bitcoin 
$68,797 It was observed that investors remained passive on the election day that would determine the new US president.
Negative Trend in Bitcoin Premium
Coinbase Bitcoin premium is calculated as a percentage of the Bitcoin price difference between crypto exchanges Coinbase Pro and Binance. According to CryptoQuant data, this premium has been negative for the last 32 days. The premium, which rose to -0.2% on October 24, was fixed at -0.06% at election time. This shows that BTC demand in the USA is lower than demand worldwide.
CryptoQuant noted that Bitcoin price increases generally last longer when the Bitcoin premium is positive.
“Typically, Bitcoin rises sustainably when the Coinbase premium is positive and remains positive, indicating strong demand for Bitcoin in the US.” – CryptoQuant.
Investment Flow in ETFs Decreased
The negative trend of the bitcoin premium was coupled with daily flows into spot bitcoin ETFs being at a six-month low. According to SoSoValue data, daily net flow on Monday was -$541 million. This suggests that investors are exiting ETFs before election day.
The firm emphasized that BTC’s fundamentals are still positive.
“Overall demand for Bitcoin is growing strongly, and this growth continues at a similar rhythm to the pace before the 2020 elections. Demand growth started from the end of September, and the fastest growth since April 21, 2024 is currently recorded at 248K Bitcoin per month. “Price increases follow higher demand for Bitcoin.”
Additionally, it was stated that BTC’s selling pressure has decreased. It was observed that the amount of tokens transferred by investors and traders to the exchanges decreased. Daily exchange inflows are currently running at around 45,000 BTC, a significant decline compared to 95,000 Bitcoin in March and 73,000 Bitcoin before the 2020 election.
On Tuesday, the BTC price on Coinbase increased by approximately 2.7%, from $68,249 to over $70,500. According to TradingView data, in the last three US presidential elections, the price of Bitcoin experienced significant increases between election day and the end of the year. According to CryptoQuant, BTC rose 98% in 2020, 37% in 2016, and 22% in 2012.
Developments in the Bitcoin market show how investor behavior is shaped during election periods and how market dynamics can be affected. In particular, the negative trend of the Coinbase premium indicates a decrease in demand in the US market, while BTC’s basic indicators remaining strong may have positive effects in the long term.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
