Bitcoin’s Rise to $52K Is Driven by Strong U.S. Demand, the Coinbase Price Premium Suggests

Bitcoin’s

(BTC)

latest
surge
to
$52,000
was
mainly
driven
by
U.S.
investor’s
strong
demand
for
the
largest
digital
asset,
trading
data
shows.

While

massive
inflows
into
the
new
spot

bitcoin
exchange-traded
funds
(ETF)
dominated
the
headlines,
BTC
has
also
been
trading
at
the
highest
premium
in
9
months
on
the
U.S.-based
crypto
exchange
Coinbase.

The
so-called
“Coinbase
Premium
Index”
–
which
measures
the
price
difference
for
bitcoin
on
Coinbase
compared
to
Binance,
the
leading
exchange
by
trading
volume
–
rose
to
0.12
Thursday,
its
highest
reading
since
May
2023,
according
to

data
from
analytics
firm
CryptoQuant.
“High
premium
values
could
indicate
US
investors’
strong
buying
pressure
in
Coinbase,”
CryptoQuant
said.

Markus
Thielen,
founder
of
10x
Research,
also
noted
that
the
bulk
of
bitcoin’s
price
appreciation
happened
during
U.S.
trading
hours,

“During
the
last
30
days,
BTC
has
rallied
+17%,
with
11%
of
those
17%
occurring
during
US
trading
hours,”
Thielen
said
in
a
Thursday
market
report,
adding
that
both
Asian
and
European
hours
accounted
only
for
a
3%
price
increase.

Bitcoin
surpassed
$52,000
this
week
regaining
the
$1
trillion
market
capitalization
for
the
first
time
since
Dec.
2021,
while
spot
BTC
ETFs

attracted
nearly
$500
million
daily
net
inflows.
BTC
is
up
22%
over
the
past
month,
CoinDesk
data
shows,
outperforming
the
broad-market
CoinDesk20
Index’s
(CD20)
15%
advance.

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