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

A key indicator watched by crypto experts to gauge US investor interest in Bitcoin is the Coinbase premium index, which is currently signaling the most sustained bullish trend since Bitcoin's record high above $126,000 in October. As of now, this index has been positive for 14 days straight, from April 9 to April 22, according to Coinglass data. This unbroken stretch of positive readings is the longest since October. The significance of this lies in the fact that Coinbase, being a Nasdaq-listed exchange, is the primary platform for US institutions such as corporate treasuries, hedge funds, and regulated investment vehicles like ETFs. When Bitcoin's price on Coinbase exceeds that on offshore exchanges like Binance, it indicates aggressive buying by US investors, a pattern often associated with bull runs. Historically, a negative premium has signaled lagging US demand, with offshore markets driving the price. Notably, the premium was mostly negative from mid-December to late February, during which Bitcoin's price dropped from around $100,000 to nearly $60,000. The current sustained demand, despite geopolitical tensions and DeFi crises, underscores the importance of this bullish streak. Consequently, Bitcoin's rally is not unexpected, having surpassed $78,000 on Wednesday and achieving a 14% gain for the month.