Bitcoin's Coinbase Premium Sees Longest Bullish Run Since October's $126,000 High

A closely watched indicator among crypto experts is signaling a sustained bullish trend for Bitcoin, with the Coinbase premium index flashing its most prolonged positive signal since the cryptocurrency's record high above $126,000 in October. This index has been positive for 14 days, from April 9 to April 22, according to Coinglass data, representing the longest uninterrupted stretch of positive readings since October. The significance of this lies in the fact that Coinbase, listed on the Nasdaq, is the primary exchange for U.S. institutions, including corporate treasuries, hedge funds, and regulated investment vehicles like ETFs. When Bitcoin's price on Coinbase is higher than on Binance, it indicates aggressive buying by U.S. investors, a pattern historically associated with bull runs. Conversely, a negative premium suggests U.S. demand is lagging, with offshore markets driving the price. Notably, the premium was largely negative from mid-December to late February, during which Bitcoin fell from approximately $100,000 to nearly $60,000. The current stretch of positive readings is particularly noteworthy as it demonstrates sustained demand amidst geopolitical turmoil and the DeFi crisis. As a result, it's no surprise that Bitcoin has been rallying, surpassing $78,000 on Wednesday and achieving a 14% gain for the month.