Bitcoin’s Coinbase Premium Metric Shows Overseas Investors Driving Purchases as CPI Release Approaches.

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.