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Coinbase’s BTC trading premium hints at US market bullishness

  • November 29, 2023
  • Posted by: admin
  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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Quick Take

Current data shows a marked price premium between Coinbase’s BTCUSD and Binance’s BTCUSDT. This Coinbase premium, observed by analyst Dylan LeClair, is the largest seen since the USDC depeg in March 2023, indicating a significant shift in trading patterns.

Coinbase Premium over Binance: (Source: Trading View, Dylan LeClair)
Coinbase Premium over Binance: (Source: Trading View, Dylan LeClair)

On a regional scale, recent trends show the US market leaning strongly bullish, with price changes exceeding $3,000 month over month, which tend to trade the BTCUSD pair on Coinbase.

US Month - over Month price change: (Source: Glassnode)
US Month – over Month price change: (Source: Glassnode)

Contrarily, a significant shift occurred in Asia as the region flipped negative during its trading session – a first since September, which would tend to trade the BTCUSDT pair on Binance.

Asia Month - over Month price change: (Source: Glassnode)
Asia Month – over Month price change: (Source: Glassnode)

In November, there was a notable increase in the daily trading volume on Coinbase International, Coinbase’s derivatives exchange licensed in Bermuda, consistently exceeding $100 million; this could add to the premium we are seeing in the BTCUSD pair on Coinbase.

Coinbase International Daily Volume: (Source: The Block)
Coinbase International Daily Volume: (Source: The Block)

The post Coinbase’s BTC trading premium hints at US market bullishness appeared first on CryptoSlate.

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