Bitcoin's US Buying Demand Flips Positive Amid Gold Correlation Surge
The Coinbase Premium has turned positive for the first time in three months, indicating that American investors are returning to the market in a bigger way. This gauge measures the price gap between the Nasdaq-listed exchange Coinbase and Binance, and when it turns positive, it suggests buyers on Coinbase are paying more than those on Binance.
The positive premium has historically shown up in past bull runs, and the current reading could signal how far the rally can extend. Bitcoin's price recovery coincided with volatility in bond markets and investor unease about long-term US borrowing costs.
A key gauge of US buying demand has turned positive for the first time since May, according to Coinglass data. The change comes amid the recent BTC price rally and a notable change in how closely the coin is tracking gold versus tech stocks.