Bitcoin Coinbase Premium Index Turns Positive


Key Points:


- Coinbase Premium Index measures price difference between Coinbase (USD) and Binance (USDT)
- Index has turned positive, indicating higher buying pressure or lower selling pressure on Coinbase
- Suggests US-based investors, particularly institutional entities, are driving Bitcoin's price action
- Coinbase Premium Index has closely followed Bitcoin's price movement in 2024


Current Trends:


- Bitcoin approaching cost basis of short-term holder cohort ($66,300)
- Surpassing this level would put all short-term holders (last 6 months) in the green
- Bitcoin trading around $65,700, up 3% over the past week


Implications:


- Positive Coinbase Premium Index may indicate continued buying pressure
- Reversal of index could signal bearish trend for Bitcoin
- US-based whales driving price action, reflecting global market sentiment.