Bitcoin’s price premium on Coinbase has rebounded, flipping from negative to positive following the recent market pullback, suggesting that U.S. traders may be fueling the current rally.
After its initial attempt last week, Bitcoin (BTC) is once again nearing the $100,000 mark, as crypto prices surged with the return of U.S. traders post-Thanksgiving.
The Coindesk Bitcoin Index reached a session high of $98,690 during early U.S. hours, marking a 3.3% increase over the past 24 hours. The broader CoinDesk 20 Index rose by 6.2% in the same period, with altcoins leading the charge. XRP, ADA, RENDER, and HBAR all posted double-digit gains on the day.
U.S. traditional markets are experiencing a shortened session after being closed on Thursday for the holiday. U.S.-listed bitcoin miners, which don’t always see gains in line with Bitcoin’s price, are moving upward. Bitdeer (BTDR) led the group with a 15% surge, hitting a new all-time high above $14. Other major miners, including MARA Holdings (MARA) and Riot Platforms (RIOT), saw gains of 5%-10% in the first hours of trading. However, crypto equities like Coinbase (COIN), MicroStrategy (MSTR), and Semler Scientific (SMLR) lagged behind.
Bitcoin futures on the Chicago Mercantile Exchange (CME) briefly surpassed the $100,000 level before retreating slightly, according to TradingView data. This marks the second time Bitcoin futures have reached this milestone, after first crossing it last Friday.
The price premium on futures compared to the spot market points to significant institutional involvement, with open interest for CME Bitcoin futures hitting all-time highs.
The Coinbase Price Premium, which tracks Bitcoin’s spot price on Coinbase relative to the offshore exchange Binance, has returned to positive territory after briefly dipping below $91,000 earlier this week. This premium reinforces the idea that the current rally is being driven primarily by U.S. market participants.
“Judging by order size, Coinbase whales are driving this bitcoin rally,” said Ki Young Ju, CEO of CryptoQuant, in a post on X.
