Bitcoin's Coinbase Premium Reaches Longest Bullish Streak Since October's Record High

A key indicator closely watched by cryptocurrency experts has flashed its most sustained bullish signal since bitcoin traded at record highs above $126,000 in October. The Coinbase premium index, which gauges the difference in bitcoin's price on Coinbase and offshore exchange Binance, has been positive for 14 straight days, from April 9 to April 22, according to Coinglass data. This 14-day streak is the longest uninterrupted period of positive readings since October. The significance of this lies in the fact that Coinbase is the primary exchange for US-based institutional investors, including corporate treasuries, hedge funds, and regulated investment vehicles such as ETFs. When bitcoin's price trades at a premium on Coinbase compared to Binance, it signifies aggressive buying activity from US investors, a trend often associated with bull runs. In contrast, a negative premium indicates lagging demand from US investors, with offshore markets driving the price. Notably, the premium was largely negative from mid-December to late February, during which time BTC's price dropped from approximately $100,000 to nearly $60,000. The current stretch of positive readings is particularly noteworthy, as it demonstrates sustained demand despite geopolitical turmoil and DeFi crises. This resilience is reflected in bitcoin's recent rally, with the cryptocurrency surpassing $78,000 on Wednesday and achieving a 14% gain for the month.