Bitcoin's Coinbase Buying Streak Ends as U.S. Investor Sentiment Wanes

Bitcoin's Coinbase Buying Streak

Bitcoin's unprecedented 94-day buying streak on Coinbase has come to a halt, signaling a shift in U.S. investor sentiment. This streak, the longest ever recorded, propelled Bitcoin's previous surge above $100,000. However, the recent collapse indicates a decrease in demand, with the Coinbase Premium Gap now in negative territory, reflecting diminishing institutional and retail interest in the U.S. market. The abrupt end of this streak raises concerns about whether the broader bullish trend is plateauing or just experiencing a temporary pause.

On-Chain Metrics and Investor Behavior

On-chain metrics are mirroring the recent breakdown in sentiment. The Taker Buy/Sell Ratio, which measures immediate buying versus selling pressure on exchanges, has dropped below 1 for two consecutive days, currently standing at 0.981, indicating a dominance of sell-side pressure. In addition, long-term holders have shifted to net distribution, selling over 133,000 BTC in the span of three weeks. While this selling trend suggests strategic profit-taking rather than panic, it indicates that holders are securing profits amid uncertainty.

Retail and Large Holders Activity

Despite the retreat of some participants, large holders and retail investors are displaying resilience. Data from Checkonchain shows a significant decrease in Whale 1K–10K BTC Exchange Balances by -63.27K BTC, indicating reduced deposits and a rise in self-custody. Similarly, MegaWhale Exchange Balances have declined by -19.6K BTC, showcasing a pattern of whales withdrawing funds from exchanges. Retail outflows have also surged, with a net exchange outflow of -442.8 BTC on July 29, the highest in recent months. The historical accumulation patterns of whales and retail investors before price increases suggest that the underlying demand for Bitcoin remains strong.