Share this article
Bitcoin No Longer Trading at a Premium on Coinbase, Data Show
CryptoQuant's "Coinbase premium" indicator has flipped negative, signaling a weaker net buying pressure from U.S. investors.
Updated Mar 19, 2024, 7:58 a.m. Published Mar 19, 2024, 7:58 a.m.
- The so-called Coinbase premium has evaporated, indicating a weaker stateside buying pressure.
- At press time, bitcoin was trading at $64,000, down over 12% from record highs reached last week.
A market dynamic that characterized bitcoin’s recent rally to record highs has changed, signaling a weaker stateside demand for the leading cryptocurrency.
The seven-day moving average of the so-called Coinbase Premium indicator, which tracks the spread between bitcoin’s prices on the Nasdaq-listed Coinbase (COIN) exchange and the offshore giant Binance, has flipped negative, according to data tracked by CryptoQuant.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In other words, bitcoin is now trading at a discount on Coinbase, which serves as custodian for eight of the 11 spot ETFs that debuted in the U.S. two months ago.
The development likely reflects relatively weaker net buying from U.S. investors. Inflows into spot ETFs slowed on Monday, with Grayscale’s ETF losing a record $642.5 million in outflows. Fidelity’s ETF amassed just $5.9 million, the lowest single-day inflow on record.
The Coinbase premium surged to a 12-month high of 0.16 during bitcoin’s recent uptrend from $48,000 to new record highs above $73,500 last week.
Since then, the cryptocurrency has pulled back over 12% to $64,000, CoinDesk data show. The CoinDesk 20 Index, a broader market gauge, has declined 19% to 2,446 points.
Analysts foresee a deeper bitcoin price slide should the ETF inflows struggle to gather pace.
Higit pang Para sa Iyo
Ano ang dapat malaman:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Higit pang Para sa Iyo
Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
Ano ang dapat malaman:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
Top Stories
