BTC Sees New Price High, But US Demand Remains Uncertain
Bitcoin's price has surged past $85,000 for the first time this year, but there's still a missing piece to the puzzle. Despite the gains, data suggests that US spot demand is not fully on board with the recovery.
The Coinbase Premium Index, which measures the price difference between Bitcoin on Coinbase's USD market and Binance's USDT market, has turned negative again. A positive reading typically indicates stronger buying activity from US investors, but a negative reading suggests weaker demand or relatively stronger selling pressure on Coinbase.
While the data is not yet conclusive, experts are debating whether crypto winter has finally ended. Bitwise CIO Matt Hougan believes that the market has entered 'crypto spring' and expects the current cycle to develop into the strongest and longest-running bull market in the industry's history.