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New data from the Coinbase Premium Index reveals that the measure has remained positive since April, indicating that U.S. institutions and whale accounts on Coinbase Pro continue to purchase at a faster pace than retail traders elsewhere.
The index, which tracks price differences between Coinbase and exchanges such as Binance, has long been seen as a barometer for institutional demand.
The momentum is closely tied to the rise of spot Bitcoin ETFs in the United States. Coinbase acts as both a custody and pricing partner for several of the funds, including those from BlackRock and Fidelity, meaning ETF inflows are now directly reflected in this institutional premium.
On-chain analyst Darkfost noted the trend on X, stressing that “whales and institutions are still accumulating BTC today.” He cautioned, however, that past cycles show how quickly sentiment can turn if euphoria builds unchecked.
 
Rate cut gives derivatives a lift
The Federal Reserve’s latest quarter-point rate cut appears to have sparked additional activity. According to CryptoQuant, Bitcoin open interest on Binance increased by 4.7% in the 24 hours following the decision, rising from $12.8 billion to $13.4 billion.
Given Binance’s outsized share of global derivatives trading, analysts say the increase is a reliable signal of renewed appetite among high-volume traders.
Many cryptocurrencies typically gain momentum during easing cycles since lower rates encourage risk-taking. The surge in open interest suggests that institutional traders are anticipating potential upside, complementing the steady accumulation already evident on Coinbase.
Data from CoinMarketCap shows that Bitcoin commands a 57.1% share of the total cryptocurrency market, with an overall capitalization of $4.04 trillion at the time of writing. These figures are supported by a balanced market sentiment, even as whales expand their holdings.
Whether that institutional support will be enough to push Bitcoin through resistance in the weeks ahead may depend less on short-term sentiment and more on how investors digest the Fed’s policy path.