The post Here’s What’s Behind The Surge appeared on BitcoinEthereumNews.com.

Data shows the Bitcoin Coinbase Premium Index has surged recently, suggesting it could at least partially be behind the latest price surge. Bitcoin Coinbase Premium Index Has Now Assumed Notable Positive Values As pointed out by CryptoQuant Head of Research Julio Moreno in a new post on X, the BTC Coinbase Premium Index has shot up into the positive territory recently. The “Coinbase Premium Index” here refers to an indicator that keeps track of the percentage difference between the Bitcoin prices listed on Coinbase (USD pair) and Binance (USDT pair). Related Reading: US Platforms Regaining Dominance In Bitcoin Holdings: Is This Bullish? When the value of this metric is positive, it means the asset is trading at a higher rate on Coinbase than on Binance right now. Such a trend suggests the former is observing a higher buying pressure or a lower selling pressure than the latter. On the other hand, the indicator being below zero implies the Coinbase users are participating in a higher amount of selling as compared to the Binance ones at the moment. Now, here is the chart shared by Moreno that shows the trend in the Bitcoin Coinbase Premium Index over the last couple of weeks: The value of the metric appears to have surged into the positive region recently | Source: @jjcmoreno on X As is visible in the above graph, the Bitcoin Coinbase Premium Index had dipped into the negative territory earlier, but with the latest rally in the asset’s price, it has seen a sharp increase back into the positive region. This would indicate that the Coinbase investors have been participating in accumulation and it may be this buying that’s at least partially responsible for the coin’s surge. Coinbase is the main platform of the US-based investors, especially the large institutional entities,…

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Filed under: News - @ September 28, 2024 5:08 am