Bitcoin Coinbase Premium Shoots Up: What It Says About $45,000 Break
Summary
The Bitcoin premium on Coinbase has surged alongside the latest rally, indicating higher buying pressure from US-based institutional investors compared to Binance's global user base. The positive Coinbase Premium Gap suggests accumulation by American whales, potentially driving the cryptocurrency's upward push. This surge coincides with anticipation for the approval of Bitcoin's spot exchange-traded funds (ETFs), further fueling buying pressure from US institutional holders. The correlation between BTC spot price and Coinbase Premium Gap observed in late 2023 appears to continue into 2024. Bitcoin's price reached $45,900 before pulling back to $45,500.
