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

A key indicator closely watched by crypto experts to gauge the interest of US-based investors, particularly institutions, in buying Bitcoin is the Coinbase premium index. As of now, this index is showing its most sustained bullish signal since Bitcoin traded at record highs above $126,000 in October. The index has been positive for 14 days straight, from April 9 to April 22, according to Coinglass data. This is the longest uninterrupted stretch of positive readings since October. The significance of this lies in the fact that Coinbase, being a Nasdaq-listed exchange, is the preferred platform for US institutions such as corporate treasuries, hedge funds, and regulated alternative investment vehicles like ETFs. When Bitcoin's price on Coinbase is higher than on offshore exchanges like Binance, it indicates aggressive buying by US investors, a trend often associated with bull runs. Conversely, a negative premium suggests lagging US demand, with offshore markets driving the price. Notably, the premium was mostly negative from mid-December to late February, during which time BTC price dropped from around $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 crises. This sustained demand is likely contributing to Bitcoin's rally, with the cryptocurrency surpassing $78,000 on Wednesday and achieving a 14% gain for the month.