Bitcoin’s
price
premium
on
Coinbase
rebounded
after
flipping
negative
during
the
recent
pullback,
suggesting
that
American
traders
may
be
driving
the
rally.
Nov
29,
2024,
4:27 p.m.
Price
Index
(CoinDesk)
What
to
know:
-
Bitcoin
hits
$98,700,
up
3.3%
in
broad
crypto
rally. -
BTC
futures
on
CME
briefly
surpassed
$100,000
for
the
second
time
after
last
week’s
first,
a
sign
of
strong
institutional
participation. -
Bitcoin
miners
BTDR,
MARA,
RIOT
also
surged,
outpacing
crypto-related
stocks
COIN
and
MSTR.
One
week
after
its
first
attempt,
bitcoin
(BTC)
is
once
again
approaching
the
$100,000
milestone
on
Friday
as
crypto
prices
surged
higher
alongside
the
return
of
U.S.
traders
following
Thanksgiving.
The
Coindesk
Bitcoin
Index
climbed
to
a
$98,690
session
high
during
early
U.S.
hours,
advancing
3.3%
over
the
past
24
hours.
The
broad-market
CoinDesk
20
Index
surged
6.2%
during
the
same
period,
indicating
that
altcoins
led
the
advance.
XRP,
ADA,
RENDER
and
HBAR
booked
double-digit
gains
during
the
day.
continues
below
Traditional
U.S.
markets
are
having
a
shortened
session
today
after
being
closed
on
Thursday’s
holiday.
U.S.-listed
bitcoin
miners
—
which
don’t
always
rise
just
because
the
price
of
bitcoin
gains
—,
are
moving
higher,
led
by
Bitdeer’s
(BTDR)
15%
advance
to
notch
a
fresh
all-time
high
above
$14.
Major
miners
including
MARA
Holdings
(MARA),
Riot
Platforms
(RIOT),
were
all
up
5%-10%
in
the
first
hours
of
the
session.
Crypto
equities
Coinbase
(COIN),
MicroStrategy
(MSTR)
and
Semler
Scientific
(SMLR)
lagged
behind
the
miners.
Bitcoin
futures
on
the
Chicago
Mercantile
Exchange
(CME)
briefly
surpassed
the
$100,000
level
during
the
day
before
slightly
retreating,
per
TradingView
data.
That’s
the
second
occasion
after
first
hitting
the
milestone
last
Friday.
The
price
premium
on
futures
relative
to
the
spot
market
suggests
strong
institutional
participation,
with
open
interest
for
bitcoin
CME
futures
sitting
at
all-time
high
levels.
The
Coinbase
Price
Premium,
which
measures
BTC
spot
price
on
Coinbase
relative
to
the
off-shore
exchange
Binance,
also
bounced
back
to
positive
territory
since
bitcoin
pulled
back
below
$91,000
earlier
this
week.
The
Coinbase
Premium
underscores
that
the
rally
is
primarily
driven
by
American
market
participants.
“Judging
by
order
size,
Coinbase
whales
are
driving
this
bitcoin
rally,”
Ki
Young
Ju,
CEO
of
CryptoQuant,
said
in
an
X
post.
Krisztian
Sandor
Krisztian
Sandor
recently
graduated
from
NYU’s
business
and
economic
reporter
program
as
a
Fulbright
fellow
and
worked
with
Reuters
and
Forbes
previously.
Originally
from
Budapest,
Hungary,
he
is
now
based
in
New
York.
He
holds
BTC
and
ETH.
James
Van
Straten
As
the
senior
analyst
at
CoinDesk,
specializing
in
Bitcoin
and
the
macro
environment.
Previously,
working
as
a
research
analyst
at
Saidler
&
Co.,
a
Swiss
hedge
fund,
introduced
to
on-chain
analytics.
James
specializes
in
daily
monitoring
of
ETFs,
spot
and
futures
volumes,
and
flows
to
understand
how
Bitcoin
interacts
within
the
financial
system.
James
holds
more
than
$1,000
worth
of
bitcoin,
MicroStrategy
(MSTR),
Semler
Scientific
(SMLR),
IREN
(IREN),
MARA
Holdings
(MARA),
Cipher
Mining
(CIFR),
Bitfarms
(BITF),
Riot
Platforms
(RIOT)
and
CleanSpark
(CLSK).
