Bitcoin’s Coinbase premium indicator, which compares Bitcoin’s price in USD on Coinbase with its price in Tether on Binance, has dipped into negative territory for the first time since the February 3 crash, according to data from Coinglass.
This change signals that U.S. traders are taking a more cautious stance ahead of the U.S. CPI data release scheduled for Wednesday. In contrast, overseas buyers are leading the recovery, pushing Bitcoin’s price up from a low near $94,900 to $96,000.
Historically, during periods of upward momentum, Bitcoin’s price on Coinbase has traded at a premium, indicating stronger demand from U.S. investors. The premium reached a two-month high in early November when Bitcoin surged above $70,000.
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