Insights
Coinbase’s BTC trading premium hints at US market bullishness Coinbase’s BTC trading premium hints at US market bullishness

Coinbase’s BTC trading premium hints at US market bullishness

Data via Glassnode

Coinbase versus Binance: A tale of two premiums as U.S. Bitcoin traders charge ahead.

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.

Coinbase Premium over Binance: (Source: Trading View, Dylan LeClair)
Coinbase Premium over Binance: (Source: Trading View, Dylan LeClair)

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.

US Month - over Month price change: (Source: Glassnode)
US Month – over Month price change: (Source: Glassnode)

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.

Asia Month - over Month price change: (Source: Glassnode)
Asia Month – over Month price change: (Source: Glassnode)

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.

Coinbase International Daily Volume: (Source: The Block)
Coinbase International Daily Volume: (Source: The Block)

Make better trading decisions with Glassnode