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Bitcoin

Bitcoin Coinbase Premium Gap Is Green: Why This Is Bullish

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows the Bitcoin Coinbase Premium Gap has notable positive values currently, something that could be bullish for the asset’s price.

Bitcoin Coinbase Premium Gap Has Been Positive Recently

As explained by CryptoQuant Netherlands community manager Maartunn in a post on X, the Coinbase Premium Gap has been leading the BTC price during the recent price range.

The “Coinbase Premium Gap” is an indicator that keeps track of the difference between the Bitcoin prices listed on the cryptocurrency exchanges Coinbase and Binance.

Related Reading: Bitcoin No Longer Cheap: Fees Jumped 35x In 2023

Coinbase is known to host more US-based traffic (with large institutional investors especially preferring the platform), while Binance receives a global audience. As such, the metric’s value can provide hints about the difference between the buying or selling behaviors on the two exchanges.

When the indicator has a positive value, it means that the price listed on Coinbase is more than on Binance right now. Such a trend suggests that US investors are exerting a higher amount of buying pressure on the asset than the global users currently (or alternatively, they are just selling to a lower degree).

On the other hand, a negative value suggests that American holders may be putting a higher selling pressure on BTC as the price on Coinbase is lower than on Binance.

Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the past month:

Bitcoin Coinbase Premium Gap

Looks like the value of the metric has been green in recent days | Source: @JA_Maartun on X

As displayed in the above graph, the Bitcoin Coinbase Premium Gap appears to have held an interesting relationship with the price recently. “Since the start of the $42k-range, the Coinbase Premium Gap leads the price,” notes Maartunn.

When the indicator has turned red, the price has gone down, while it assuming the green value has proven to be bullish. This correlation would suggest that American investors have been driving the price action recently.

Currently, the Coinbase Premium Gap has a positive value and the metric only seems to be going further up. Bitcoin has seen a slump during the past couple of days, but if the pattern from the past month is anything to go by, then the cryptocurrency might be able to turn around with this Coinbase buying.

Related Reading: By The Numbers: How Much Profits Did Microstrategy’s Bitcoin Stack Make In 2023?

Checkmate, the lead on-chain analyst at Glassnode, has talked about Bitcoin from a more long-term perspective. According to the data shared by the analyst, BTC has been observing notable amounts of profit-taking recently.

Bitcoin Realized Profit

The data for the profits being realized by the investors over the asset's history | Source: @_Checkmatey_ on X

However, while profits are being realized, they still remain substantially lower than what has historically been seen during both local and cyclical tops. Thus, BTC could potentially still have some distance to run, before profit-taking blows up to extreme levels.

BTC Price

At the time of writing, Bitcoin is trading at around $42,800, down 2% in the past week.

Bitcoin Price Chart

BTC seems to have not moved much in the last few days | Source: BTCUSD on TradingView
Featured image from Michael Förtsch on Unsplash.com, charts from TradingView.com, Glassnode.com, CryptoQuant.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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