Overseas Buyers Lead Bitcoin’s Coinbase Premium Indicator Ahead of CPI Release
According to data source Coinglass, 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 turned negative for the first time since the Feb. 3 crash.
This indicates that traders on the Nasdaq-listed exchange are becoming cautious ahead of Wednesday’s U.S. CPI release, while their offshore counterparts have led the price recovery from overnight lows near $94,900 to $96,000.
In the past, bull runs have seen prices trading at a premium on Coinbase, signaling strong leadership from U.S. investors. The premium reached two-month highs in early November as BTC surged to above $70,000.
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