BTC Trades at Discount on Coinbase Amid Trump’s Incoming Crypto Support
Bitcoin (BTC) is currently trading at a slight discount on the U.S.-listed Coinbase exchange compared to Binance, according to data from CryptoQuant, indicating a muted level of enthusiasm from U.S. investors.
The news comes as expectations build in the U.S. regarding President-elect Donald Trump’s upcoming inauguration. Late Thursday, Bloomberg reported that Trump is likely to issue an executive order positioning cryptocurrency as a national priority, with plans for a crypto advisory body to advocate for the industry’s policy goals.
This report follows growing anticipation that Trump will make an executive announcement supporting the creation of a strategic bitcoin reserve on his first day in office.
Once a skeptic of digital assets, Trump has shown increasing support for the crypto industry in the months leading up to the 2024 election, sparking hopes for regulatory relief and broader crypto adoption. In addition, the crypto community is set to host the “Inaugural Crypto Ball” on Friday, showing support for Trump and hoping he will fulfill his promises after assuming office on January 20.
An executive order to establish a strategic bitcoin reserve and prioritize cryptocurrency policy would mark a sharp contrast to the anti-crypto stance of the outgoing Biden administration, which had overseen over 100 enforcement actions against the crypto industry.
Despite these positive reports, Bitcoin’s performance on Coinbase shows signs of muted U.S. demand. The price is currently trading at a discount compared to Binance, with the Coinbase premium indicator reflecting fluctuations in the price spread between the two exchanges.
In November and December, when BTC surged from $70,000 to over $108,000, U.S. investors were leading the charge, as demonstrated by the consistent Coinbase premium during that period. However, despite the optimism surrounding Trump’s incoming administration, U.S. trading volumes seem relatively subdued.
BTC is currently trading at $101,600, according to CoinDesk Indices data. The price has remained within a range of $90,000 to $108,000 since mid-December, indicating a period of consolidation as traders await further developments under Trump’s leadership.
