Key Takeaways
- Coinbase Premium has reached its highest level since February, reflecting strong U.S. Bitcoin demand.
- Over 550,000 BTC have left spot exchanges since July 2024.
- BlackRock's IBIT became the fastest spot Bitcoin ETF to hit $70 billion in assets.
Bitcoin buying activity in the U.S. is intensifying, with the Coinbase Premium indicator reaching its highest point in four months.
According to onchain analytics firm CryptoQuant, the premium hit $109.55 last Friday—the largest gap between BTC prices on Coinbase and Binance since February 3.
Understanding the Coinbase Premium
The Coinbase Premium reflects the difference in price between Coinbase’s BTC/USD pair and Binance’s BTC/USDT pair, often used as a gauge of U.S. investor demand.
CryptoQuant contributor Crypto Dan, said:
This positive movement, without signs of overheating, is a typical pattern seen in a rising cycle following a correction.
He described it as a signal of renewed optimism heading into the second half of 2025.
Rebounding Institutional Interest
Alongside this demand uptick, U.S. institutional interest is also rebounding.
BlackRock’s iShares Bitcoin Trust (IBIT) has now become the fastest spot Bitcoin ETF to reach $70 billion in assets under management, according to Cointelegraph.
Declining Exchange Reserves
Meanwhile, exchange reserves continue to dwindle.
Since July 2024, more than 550,000 BTC have been pulled from spot exchanges, signaling a shift toward long-term holding.
CryptoQuant contributor Baykuş noted:
People aren’t selling—they’re holding. They’re not day trading, they’re holding for the long term.
Tightening Supply and Price Movement
The sharp decline in exchange reserves—now down by one-third in under a year—underscores tightening supply as Bitcoin pushes toward the $110,000 mark.
