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.

AccessTimeIconMar 19, 2024 at 7:58 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now
  • 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 (BTC) 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.

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.

Bitcoin: Coinbase premium index (SMA 7). (CryptoQuant)
Bitcoin: Coinbase premium index (SMA 7). (CryptoQuant) (CryptoQuant)

Edited by Parikshit Mishra.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.