The Coinbase Premium Gap has turned positive, which means Bitcoin is trading at a higher price on Coinbase than on Binance.
Coinbase is typically used by U.S. institutions, hedge funds, and high-net-worth individuals using Coinbase Prime/Pro.
A positive gap confirms that the rally is being driven by spot buying demand from American institutions.
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This is a rather positive signal for the ongoing rally since it is not driven by leveraged bets.
Why the rally stalled
The leading cryptocurrency topped right as the U.S. session closed.
Institutional buying is often algorithmic and tied to standard U.S. stock market hours (9:30 AM to 4:00 PM ET).
The moment the U.S. trading day ended (4:00 PM ET), and the aggressive buying pressure from these institutions stopped.
Bitcoin is currently changing hands slightly above the $94,000 level.