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.
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
The German lender pointed to institutional outflows, fading liquidity and stalled regulation as the real…
What to Know: Brazil’s new legislation mandates 1:1 backing for stablecoins, effectively banning algorithmic models…
Bitcoin Magazine Virginia Advances Bill in Committee to Establish State Bitcoin Fund Virginia lawmakers are…
Collateralized, market-neutral strategies, not DeFi or smart contracts, are driving renewed institutional interest, says GlobalStake…
What to Know: Polymarket bettors assign a 72% probability to Bitcoin dropping to $65,000, signaling…
Bitcoin Magazine Bitcoin Price Crashes 9% to $69,000 As Markets Spiral Into Full Risk-Off Mode…