Strong U.S. Demand Drives Bitcoin's Rise to $52K, Coinbase Price Premium Suggests

CryptoQuant data showed that demand from U.S. investors was indicated by Bitcoin's price premium on Coinbase hitting a 9-month high.

the latest price climb above $52,000 was mostly led by U.S. trading sessions, with little price increase during Asian and European hours.

Trading data indicates that the greatest demand for the largest digital asset, Bitcoin's {{BTC}} most recent jump above $52,000, came primarily from investors in the United States.

Bitcoin (BTC) has been trading at its largest premium in nine months on the U.S.-based crypto exchange Coinbase, while huge inflows into the new spot bitcoin exchange-traded funds (ETF) dominated the headlines.

According to statistics from analytics firm CryptoQuant, the so-called "Coinbase Premium Index" reached its highest level since May 2023 on Thursday, rising to 0.12. This index analyzes the price differential for bitcoin on Coinbase compared to Binance, the leading exchange by trading volume. "High premium values could indicate US investors' strong buying pressure in Coinbase," according to CryptoQuant.

Not only that, but 10x Research founder Markus Thielen pointed out that most of the price gains for bitcoin occurred during the US trading hours,

According to Thielen's Thursday market analysis, Bitcoin's price increased by 17% in the past 30 days, with 11% of the gain happening during US trading hours. The price increases of 3% were attributed to both Asian and European hours.

There was a daily net inflow of approximately $500 million into spot BTC ETFs, and Bitcoin's price climbed beyond $52,000, bringing its market value back up to $1 trillion for the first time since December 2021. Bitcoin's 22% month-to-date gain exceeds the 15% gain seen by the broad-market CoinDesk20 Index (CD20), according to statistics compiled by CoinDesk.

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