The Bitcoin (BTC) Coinbase premium index reached its highest level since Feb. 20 after BTC prices rallied 5% on March 19.
Bitcoin’s Coinbase premium index. Source: CryptoQuant
Return of Coinbase premium highlights Bitcoin accumulation
The Coinbase premium index measures the price difference between Coinbase and Binance prices for BTC pairs, where a higher value signals US investors dictating stronger buying pressure. The index gauges US retail interest, but Woonminkyu, a verified analyst on CryptoQuant, said that it may also signal strong accumulation from US institutions and whales.
Coinbase premium analysis by Woominkyu. Source: CryptoQuant
The analyst explained that the 30-day EMA of the index crossed the 100-day EMA level, which implies the presence of large players. The analyst added,
“Past trends show that when this indicator rises, BTC bull markets tend to continue. High likelihood of an accumulation phase, making it a