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Bitcoin Passes $106K As Coinbase Premium Drops – Metrics Reveal Unusual Activity

Bitcoin Passes $106K As Coinbase Premium Drops – Metrics Reveal Unusual Activity

Sebastian Villafuerte
by Sebastian Villafuerte
9 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin surged to a new all-time high today, reaching $106,533 and solidifying its position as the market leader in this ongoing bull run. The price action has been exceptionally bullish, offering only three quick chances for investors to buy small dips in recent weeks. This relentless upward momentum has captivated the market as BTC continues to lead the way in the current cycle.

Related Reading: Ethereum To Hit 5 Figures Once It Breaks Yearly Highs – Details

CryptoQuant analyst Maartunn recently shared intriguing insights about the drivers behind this historic move. According to his analysis, the Coinbase premium gap has significantly narrowed. This metric, which measures the difference between BTC prices on Coinbase and other exchanges, indicates that U.S.-based institutional and retail demand might not have been the primary force behind the recent rally. Instead, other market participants or regions could fuel Bitcoin’s push into price discovery.

With BTC showing no signs of losing steam, market participants closely monitor its next moves. Will BTC consolidate above $100,000 or continue its trajectory toward higher targets? As the rally unfolds, this breakout underscores the global nature of Bitcoin’s adoption and the diverse drivers influencing its price dynamics in this historic bull cycle.

What’s Driving This Surge?

Bitcoin has been a relentless force over the past six weeks, with each price surge accompanied by a rise in the Coinbase premium gap. This metric, which reflects the difference between BTC prices on Coinbase and other exchanges, is often seen as an indicator of U.S.-based demand. However, the recent rally above $106,000 has broken this trend, hinting at a significant shift in market dynamics.

CryptoQuant analyst Maartunn shared key insights on X, pointing out that the Coinbase premium gap dropped even as Bitcoin’s price climbed. This deviation from the norm suggests that the latest bid pushing BTC into price discovery didn’t originate from Coinbase investors. 

Bitcoin Coinbase premium gap is down
Bitcoin Coinbase premium gap is down | Source: Maartunn on X

Instead, the demand appears to be coming from another exchange. Maartunn says this is a surprising development, as such behavior hasn’t been observed for several months.

While Maartunn speculates that major exchanges like Binance could drive the current demand, the possibility of over-the-counter (OTC) operations contributing to the rally is less likely. Regardless, this shift underscores the global nature of Bitcoin’s market and how diverse participants can influence its trajectory.

Related Reading: The Bitcoin Cycle Top ‘Could Hit In October 2025’ – Analyst Explains Why

The change in demand source raises questions about what’s fueling Bitcoin’s current run. Is this a sign of broader institutional interest outside the U.S., or are retail investors from other regions stepping in? As BTC continues to push into uncharted territory, tracking these metrics will be crucial in understanding the forces shaping the market.

Bitcoin Enters Uncharted Territory

Bitcoin is trading at $104,900, just shy of its new all-time high of $106,533 set earlier today. This milestone was accompanied by the highest weekly close in Bitcoin’s history, recorded at $104,427, further solidifying the market’s bullish sentiment. Price action has now entered uncharted territory—a phase historically associated with explosive growth as momentum builds and market participants anticipate further gains.

BTC highest weekly close ever ($104,427)
BTC’s highest weekly close ever ($104,427) | Source: BTCUSDT Chart on TradingView

Holding above the $100,000 psychological level in the coming days is crucial. If BTC maintains this support, it could set the stage for a massive rally, potentially surpassing analysts’ most optimistic targets. Key metrics such as strong on-chain activity, rising accumulation among whales, and low exchange reserves add to the bullish case.

Related Reading: Ethereum Breaks Multi-Year Bullish Pennant – Strong Move Ahead?

However, the stakes are equally high on the downside. A failure to hold the $100,000 mark could trigger short-term corrections, inviting opportunistic traders to capitalize on the volatility. Still, with Bitcoin’s historical tendency to thrive in price discovery phases, market sentiment leans heavily toward continued upside.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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