Bitcoin’s price premium on Coinbase has rebounded after dipping into negative territory during the recent pullback, signaling that U.S. traders may be behind the ongoing rally.
Just one week after its first attempt, Bitcoin (BTC) is once again nearing the $100,000 threshold, with prices climbing as U.S. traders return to the market post-Thanksgiving.
The Coindesk Bitcoin Index reached a session high of $98,690 early on Friday, marking a 3.3% gain over the past 24 hours. The CoinDesk 20 Index, which tracks major cryptocurrencies, surged 6.2% in the same period, highlighting strong gains among altcoins. XRP, ADA, RENDER, and HBAR all posted double-digit gains during the day.
U.S. stock markets are operating with a shortened session today after the Thursday holiday. Bitcoin miners, which don’t always rise in tandem with Bitcoin’s price, are seeing positive movement as well. Bitdeer (BTDR) jumped 15%, hitting a new all-time high above $14, while major mining companies like MARA Holdings (MARA) and Riot Platforms (RIOT) gained 5%-10%. Meanwhile, crypto-related equities such as Coinbase (COIN), MicroStrategy (MSTR), and Semler Scientific (SMLR) lagged behind.
Bitcoin futures on the Chicago Mercantile Exchange (CME) briefly surpassed the $100,000 mark during the day, before retreating slightly, according to TradingView data. This marks the second instance of Bitcoin futures reaching the $100,000 milestone, following last Friday’s test of the level.
The premium on Bitcoin futures relative to the spot market suggests strong institutional participation, with CME Bitcoin futures open interest at all-time highs.
The Coinbase Price Premium, which measures Bitcoin’s spot price on Coinbase compared to the offshore exchange Binance, has returned to positive territory after briefly dipping below $91,000 earlier in the week. This indicates that the rally is being primarily driven by U.S.-based market participants.
“Based on the size of orders, it’s evident that whales on Coinbase are behind this Bitcoin rally,” said Ki Young Ju, CEO of CryptoQuant, in a post on X.
