It's the price difference between Coinbase's BTCUSD pair and Binance's BTCUSDT pair. The higher the premium means Coinbase whales accumulate Bitcoin despite the high price. 2020 bull-run was driven by institutional investors and high net-worth individuals in the U.S., and they're using Coinbase. When the Bitcoin price broke 20k, 30k, and 40k, the Coinbase premium was more than $50.
Whales tend to realize profits when retail investors are active in the market. This indicator is the 7-day moving average on the All Exchanges Inflow Mean. Bitcoin price is likely to go up when whales are active in the market in the long term. When this indicator goes below 1 B
TC, it means retail investors are involved, and it's likely to be bearish.
Institutions are holders. They agree on the Digital gold narrative and decided to hold Bitcoins for hedging inflations. Many U.S. institutions buy Bitcoin through Grayscale(GBTC) and even make GBTC premium. Our users often use this indicator as a bullish signal.