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]
For readers tracking where the market is actually changing, this is the part that matters.…
The headline number is useful, but the real story is what it says about positioning.…
Bitcoin Magazine Bitcoin Exchange Inflows Spike to 49,000 BTC in a Day, Signaling More Volatility…
Bitcoin Magazine Wavespace Launches MiCA-Compliant Self-Custodial Bitcoin Debit Card Powered by Lightning and NWC Wavespace,…
For readers tracking where the market is actually changing, this is the part that matters.…
The headline number is useful, but the real story is what it says about positioning.…