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By Omkar Godbole|Edited by Parikshit Mishra
Updated Feb 12, 2025, 8:07 a.m. UTCPublished Feb 12, 2025, 8:04 a.m. UTC
What to know:
- BTC’s Coinbase premium indicator tracked by Coinglass has flipped negative for the first time since the Aug. 3 price crash.
- It’s a sign that traders over the Nasdaq-listed exchange have turned cautious ahead fo the CPI release.
Bitcoin’s (BTC) Coinbase premium indicator, which measures the spread between BTC’s dollar-denominated price on the Coinbase exchange and tether-denominated price on Binance, has flipped negative for the first time since the Feb. 3 crash, according to data source Coinglass.
It’s a sign that traders over the Nasdaq-listed exchange have turned cautious ahead of Wednesday’s U.S. CPI release, and their offshore counterparts have led the price recovery from overnight lows near $94,900 to $96,000.
Story continues
Historically, bull runs have been marked by prices trading at a premium on Coinbase, indicating strong leadership from U.S. investors. The premium soared to two-month highs in early November as BTC rose into its the-then uncharted territory above $70,000.
Omkar Godbole is a Co-Managing Editor on CoinDesk’s Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
