Bitcoin’s (BTC) Coinbase premium indicator, which tracks the difference between BTC’s price in U.S. dollars on Coinbase and its price in Tether on Binance, has turned negative for the first time since the February 3 market crash, according to Coinglass data.
This shift suggests that U.S.-based traders on the Nasdaq-listed Coinbase are becoming more cautious as they await Wednesday’s U.S. Consumer Price Index (CPI) report. Meanwhile, international traders have been driving the recovery, lifting Bitcoin’s price from recent lows near $94,900 to around $96,000.
Historically, strong bull markets have been characterized by a premium on Coinbase, signaling dominant buying activity from U.S. investors. This trend was evident in early November when the premium surged to a two-month high as Bitcoin surged past $70,000 for the first time.
