European Demand Drives Bitcoin's Price Surge, Outpacing US Interest
Bitcoin's price surge has been driven by European demand, outpacing US interest. According to data, the European market has gained 4% since early September, while the US market has declined by 3% over the same period.
The Coinbase Premium Index, which compares Bitcoin prices on Coinbase to global platforms like Binance, has been negative for 29 consecutive days, indicating that US investors are bidding below the rest of the world.
However, ETF inflows in the US have been strong, with $2.39 billion in net inflows during the week of September 21-25, 2026. This suggests that confidence among certain US investors has not disappeared.
But the contraction in apparent demand is a bigger caution flag, with around 170,000 BTC in spot demand dropping over 30 days. This could indicate that the price surge may have been built on thinner support than the chart implies.