Bitcoin's Coinbase Premium Indicator Shows Foreign BTC Buyers Leading Ahead of CPI Announcement
Finance/Markets

Bitcoin's Coinbase Premium Indicator Shows Foreign BTC Buyers Leading Ahead of CPI Announcement

A report indicates that BTC buyers on Coinbase are driving the price recovery as market anticipation builds ahead of the CPI release.

Trade with eToro

Trade with eToro

Open an account

Trade on XM

Trade on XM

Open an account

Overview

Bitcoin’s (BTC) Coinbase premium indicator, which measures the difference between BTC’s dollar price on Coinbase and the tether price on Binance, has shown its first negative value since the February 3 crash, according to Coinglass.

Market Insights

This development indicates a cautious approach from traders using the Nasdaq-listed exchange as they brace for the upcoming U.S. CPI release. In contrast, international traders have led the price recovery from lows around $94,900 up to approximately $96,000.

Historically, bullish trends in BTC are characterized by a premium on Coinbase, reflecting strong interest from U.S. investors. Recently, the premium rose sharply to two-month highs in early November as BTC surged past $70,000.

Next article

Bitcoin Set to Benefit from Soft U.S. CPI, but Major Surge in BTC Unlikely

Newsletter

Get the most talked about stories directly in your inbox

Every week we share the most relevant news in tech, culture, and entertainment. Join our community.

Your privacy is important to us. We promise not to send you spam!