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.
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.
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.
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.
The post Coinbase’s BTC trading premium hints at US market bullishness appeared first on CryptoSlate.
Source: https://cryptoslate.com/insights/coinbases-btc-trading-premium-hints-at-us-market-bullishness/