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Bitcoin's Coinbase Premium Indicator Shows Overseas BTC Buyers Taking the Lead Ahead of CPI Release

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. Published Feb 12, 2025, 8:04 a.m.
Coinbase bitcoin premium index. (Coinglass)
Coinbase bitcoin premium index. (Coinglass)

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.

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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.

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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch

Solana CME futures first-day activity compared to BTC and ETH debuts. (CME/K33 Research)

When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.

Cosa sapere:

  • Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
  • Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
  • Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.