Coinbase bitcoin premium rises, recovery led by US investors?

La prime du coinbase bitcoin augmente, la reprise est menée par les investisseurs américains ?

Data shows that the Coinbase Premium Bitcoin Index has seen a surge recently, a sign that purchases from U.S. investors may be contributing to the recovery.

According to Julio Moreno, research director at CryptoQuant, the Coinbase Premium Index has seen a strong upward trend recently. The “Coinbase Premium Index” here refers to a metric that tracks the percentage difference between the price of bitcoin listed on Coinbase (USD pair) and that listed on Binance (USDT pair).

This index allows us to see which user base is buying or selling more assets on which platform. For example, if the index value is greater than zero, it means that there was additional buying pressure on Coinbase, which caused the price of the asset to rise on the platform (or simply a lower selling pressure than on Binance). there on Coinbase).

It is known that Coinbase is used more by investors based in the United States (including large institutional traders), while Binance's traffic is spread around the world.

So if there are more purchases on Coinbase, it may be a sign that US-based investors are participating in more purchases than global traders.

Here is a chart showing the trend of the 7-day simple moving average (SMA) of the Bitcoin Coinbase Premium Index over the past few months:

As the chart above shows, the Coinbase Premium Bitcoin Index 7-day SMA has only been negative this month, indicating that global investors have either outpaced U.S. traders in accumulation or which the Americans sold to a greater extent.

However, when it was recently announced that the likelihood of spot BTC ETFs being authorized in the US was increasing, the indicator turned around and is now showing an upward trend.

The indicator rose sharply last day, indicating that US-based institutional traders may now participate in some significant buying.

During the same period, bitcoin experienced a recovery rally, during which the price of the cryptocurrency briefly managed to reach the $30,000 mark before falling back to its current level.

Of course, the timing of the rally and the sharp rise in the 7-day Coinbase Premium Index could indicate that purchases by US holders are providing the fuel for the move.

The Grayscale Bitcoin Trust (GBTC) premium, an indicator that checks whether GBTC is trading up or down, has also been showing an upward trend lately, indicating that the fund's discount is decreasing (although it is not yet in positive territory unlike the Coinbase Premium index).

GBTC is a fund that allows users to invest in bitcoin indirectly, in a way that traditional investors would be more comfortable with. Thus, this indicator contains indications of the buying or selling activities that more conventional US institutional traders are currently participating in.

At the time of writing, bitcoin is trading at around $29,800, up 1% over the past week.

Overall, the data indicates that the Coinbase Premium Index and GBTC Premium may indicate increased buying from US investors, which may have contributed to the bitcoin price recovery. It remains to be seen how these developments will evolve in the days and weeks to come.