Coinbase’s BTC trading premium hints at US market bullishness 
Quick Take
Current data shows a marked price premium between Coinbase’s BTCUSD and Binance’s BTCUSDT. This Coinbase premium, observed by analyst Dylan LeClair, is the largest seen since the USDC depeg in March 2023, indicating a significant shift in trading patterns.
On a regional scale, recent trends show the US market leaning strongly bullish, with price changes exceeding $3,000 month over month, which tend to trade the BTCUSD pair on Coinbase.
Contrarily, a significant shift occurred in Asia as the region flipped negative during its trading session – a first since September, which would tend to trade the BTCUSDT pair on Binance.
In November, there was a notable increase in the daily trading volume on Coinbase International, Coinbase’s derivatives exchange licensed in Bermuda, consistently exceeding $100 million; this could add to the premium we are seeing in the BTCUSD pair on Coinbase.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
In this insight
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Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
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