BTC buyers over Binance seem to be leading the BTC price action ahead of the CPI release.
Updated Feb 12, 2025, 8:07 a.m. UTCPublished Feb 12, 2025, 8:04 a.m. UTC
What to know:
- BTC's Coinbase premium indicator tracked by Coinglass has flipped negative for the first time since the Aug. 3 price crash.
- It's a sign that traders over the Nasdaq-listed exchange have turned cautious ahead fo the CPI release.
Bitcoin's (BTC) Coinbase premium indicator, which measures the spread between BTC's dollar-denominated price on the Coinbase exchange and tether-denominated price on Binance, has flipped negative for the first time since the Feb. 3 crash, according to data source Coinglass.
It's a sign that traders over the Nasdaq-listed exchange have turned cautious ahead of Wednesday's U.S. CPI release, and their offshore counterparts have led the price recovery from overnight lows near $94,900 to $96,000.
Historically, bull runs have been marked by prices trading at a premium on Coinbase, indicating strong leadership from U.S. investors. The premium soared to two-month highs in early November as BTC rose into its the-then uncharted territory above $70,000.
