Bitcoin's Coinbase premium indicator shows overseas BTC buyers taking the lead ahead of CPI release

BTC's Coinbase premium indicator tracked by Coinglass has flipped negative for the first time since the Aug. 3 price crash.
It's a sign that traders over the Nasdaq-listed exchange have turned cautious ahead fo the CPI release.

CoinDesk Analysis Team CoinDesk

Bitcoin's (BTC) Coinbase premium indicator, which measures the spread between BTC's dollar-denominated price on the Coinbase exchange and tether-denominated price on Binance, has flipped negative for the first time since the Feb. 3 crash, according to data source Coinglass.

It's a sign that traders over the Nasdaq-listed exchange have turned cautious ahead of Wednesday's U.S. CPI release, and their offshore counterparts have led the price recovery from overnight lows near $94,900 to $96,000.

Historically, bull runs have been marked by prices trading at a premium on Coinbase, indicating strong leadership from U.S. investors. The premium soared to two-month highs in early November as BTC rose into its the-then uncharted territory above $70,000.

Author

CoinDesk Analysis Team

CoinDesk

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

Crypto Overview: Bitcoin stabilizes above $65,000, as Zcash and Worldcoin lead broader recovery

Bitcoin shows signs of recovery, trading above $65,000 on Monday, as the broader crypto market rebounds, fueled by improving sentiment following the United States (US) and Iran's confirmation of a preliminary peace agreement.

Crypto Today: Bitcoin, Ethereum, XRP recovery gathers strength as US-Iran reach peace agreement

Cryptocurrency prices remain broadly elevated on Monday, led by Bitcoin’s upswing toward $66,000. Altcoins, including Ethereum and Ripple, mirror Bitcoin’s momentum, trading above $1,700 and $1.18.

Bitcoin extends rebound as US and Iran reach framework deal to end the war

Bitcoin steadies above $65,700 at the time of writing on Monday, after recovering nearly 4% in the previous week. BTC recovery was boosted following Sunday’s news that the US and Iran have reached a preliminary peace deal, lifting the risk appetite.

Pi Network Price Forecast: Launchpad upgrades, fading bearish pressure lift recovery prospects

Pi Network (PI) began the week on a positive note, trading above $0.1340 on Monday after posting a mild recovery and closing above a key resistance in the previous week.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.