Summary
The Coinbase Premium Index, which measures the price difference for bitcoin on Coinbase compared to Binance, rose to 0.12, its highest reading since May 2023. This indicates strong buying pressure from US investors on Coinbase.
Key Points
1. The “Coinbase Premium Index” measures the price difference for bitcoin on Coinbase compared to Binance, with a high reading indicating strong buying pressure from US investors on Coinbase.
2. The index rose to 0.12 on Thursday, its highest level since May 2023, according to data from analytics firm CryptoQuant.
3. This increase in the Coinbase Premium Index suggests a higher demand for bitcoin among US investors, potentially driving up the price on Coinbase compared to other exchanges like Binance.