Coinbase's price increase indicates Bitcoin's ATH is imminent.
Amid the leading cryptocurrency's rally to $121,000, the Coinbase premium reached 91.86. CryptoQuant analyst Burak Keshmeci called this a signal that Bitcoin could possibly reach its all-time high.
Source: CryptoQuant.
“On the hourly timeframe, we see that the price differential on Coinbase has risen to $91.86. This means that US investors are buying the asset on the exchange at a rate $91.86 higher than on Binance. Such a strong positive signal from the US could indicate a potential move to the ATH ,” he wrote.
At the time of writing, digital gold is trading around $120,400, up 1% in the past 24 hours.
Binance BTC/USDT hourly chart. Source: TradingView.
According to CoinGecko, the first cryptocurrency is 3% away from setting a new record.
ETF
US investor activity coincided with steady inflows into spot Bitcoin ETFs. From September 29 to October 2, over $2.2 billion flowed into the products—the highest level since mid-last month.
Weekly inflows and outflows for spot Bitcoin ETFs. Source: SoSoValue.
The cumulative inflow of funds since the instruments' launch in January 2024 has approached $60 billion. The largest fund remains BlackRock's IBIT, which also set a local record for trading volume on October 2.
$GLD and $IBIT in the Top 10 ETFs by volume today, which is rare, everyone wants in on the The Debaser Trade I guess.. pic.twitter.com/vsUbQlUMTf
— Eric Balchunas (@EricBalchunas) October 2, 2025
According to Bloomberg stock analyst Eric Balchunas, the ETF has become one of the top 10 most traded products, ranking alongside SPY, QQQ, and GLD.
IBIT also entered the top 20 funds by assets under management for the first time, exceeding $90 billion. To break into the top 10, BlackRock needs to accumulate another $50 billion, the expert emphasized.
Ethereum ETFs have raised over $1 billion in a week, and $14 billion since launch.
Weekly inflows and outflows for spot Ethereum ETFs. Source: SoSoValue.
Revolution in the options market
Balchunas also noted that open interest in IBIT options exceeded Deribit's for the first time in history. After expiration on September 26, the fund's positions reached approximately $38 billion, compared to $32 billion for the derivatives exchange.
$IBIT has surpassed Coinbase's Derbit platform as the largest venue for bitcoin options with $38b in open interest. I told y'all ETFs are no joke.. Fat crypto margins in trouble. Nice find by @sidharth_shukla pic.twitter.com/LUcnpW5g4I
— Eric Balchunas (@EricBalchunas) October 2, 2025
“I told you ETFs are serious business. Huge crypto margins are at risk,” the analyst commented.
Balchunas stated that among its competitors, the BlackRock fund demonstrates an absolute monopoly in the options segment, adding:
“The options market tends to be winner-takes-all, as opposed to assets under management, which are more evenly distributed.”
As a reminder, CryptoQuant expert PelinayPA confirmed Bitcoin's “healthy momentum.” Analysts also identified conditions for the leading cryptocurrency to rise to $200,000.
Source: cryptonews.net
