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

A closely watched indicator among cryptocurrency experts is flashing its most sustained bullish signal since Bitcoin's record high in October. The Coinbase premium index, which gauges the difference in Bitcoin's price on Coinbase and Binance, has been positive for 14 straight days, from April 9 to April 22, according to Coinglass data. This is the longest stretch of positive readings since October, when Bitcoin traded above $126,000. The significance of this index lies in its ability to signal demand from U.S.-based investors, particularly institutions, which have historically driven bull runs. A positive premium indicates aggressive buying from U.S. investors, while a negative premium suggests lagging demand. Notably, the premium was mostly negative from mid-December to late February, coinciding with a decline in Bitcoin's price from $100,000 to nearly $60,000. The current stretch of positive readings is particularly noteworthy, as it demonstrates sustained demand despite geopolitical uncertainty and DeFi crisis. As a result, Bitcoin has been rallying, reaching $78,000 on Wednesday and achieving a 14% gain for the month.