Within the last 24 hours, bitcoin (BTC) has broken out of its consolidation zone to hit new all-time highs (ATHs) on several crypto exchanges. The asset rallied to $112,000 on some trading venues and above on others.
Burakkesmeci, an analyst at the market intelligence platform CryptoQuant, has revealed that strong BTC purchases in the United States fueled the rally. This is evident in the Coinbase Premium Index, which climbed a few points during the surge. The index tracks BTC demand among U.S. investors.
Coinbase Premium Rises
According to Burakkesmeci, the Coinbase Premium surged to 42 points. This indicates that investors on the largest US crypto exchange paid $42 more per BTC than those on its rival, Binance. The uptick also indicates significant demand from U.S.-based investors.
The CryptoQuant analyst noted that the Coinbase Premium gap was not the weekly high. The index peaked at $87.76 last week, revealing stronger buying pressure among investors.
This index has historically surged during bitcoin rallies and plummeted during declines. A positive flip suggests growing institutional and retail interest in BTC, while a negative premium signals more selling. Burakkesmeci said demand for BTC remains strong, even after the asset reached a new high. This could be a sign that the bulls are not done.
Persistent Institutional and ETF Demand
In line with the uptick in Coinbase Premium, the U.S. spot exchange-traded fund (ETF) market has been experiencing massive inflows. In the past 21 trading days, these funds have recorded just one day of outflows. The ETFs have garnered at least $4.5 billion in positive flows so far in July and are likely to continue doing so in the coming weeks.
The market has witnessed a rise in institutional interest, with several corporate treasuries adopting Bitcoin strategies and becoming Bitcoin treasury companies. The creation of a strategic Bitcoin reserve in the U.S. has played a huge role in this rising adoption.
Most analysts insist that bitcoin’s short-term outlook remains bullish and could only be slightly swayed by unfavorable macroeconomic conditions. However, provided ETF and institutional demand do not falter as the asset prepares for its last leg of this bull cycle, BTC has a higher chance of surviving market storms.
The post Coinbase Premium Climbs as BTC Hits New All-Time High: What Does It Mean? appeared first on CryptoPotato.
 The Coinbase Premium index peaked at $87.76 last week, revealing even stronger buying pressure among investors. AA News, BTCEUR, BTCGBP, BTCUSD, BTCUSDT, Crypto News, Bitcoin (BTC) Price, CoinbaseÂ
This articles is written by : Nermeen Nabil Khear Abdelmalak
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