Bitcoin’s price premium on Coinbase has rebounded, signaling a resurgence of U.S. traders as the cryptocurrency nears the $100,000 mark for the second time in a week.
On Friday, Bitcoin (BTC) surged, once again approaching the $100,000 milestone after rising 3.3% over the past 24 hours. The Coindesk Bitcoin Index reached a high of $98,690 during early U.S. trading hours. The CoinDesk 20 Index also saw impressive gains, climbing 6.2%, with altcoins like XRP, ADA, RENDER, and HBAR leading the charge with double-digit gains.
With traditional U.S. markets operating with a shortened session following Thursday’s holiday, U.S.-listed Bitcoin miners are showing strength as well. Bitdeer (BTDR) saw a 15% increase, hitting an all-time high above $14, while other major miners like MARA Holdings (MARA) and Riot Platforms (RIOT) gained 5%-10%. However, crypto equities such as Coinbase (COIN), MicroStrategy (MSTR), and Semler Scientific (SMLR) saw more modest growth.
Bitcoin futures on the Chicago Mercantile Exchange (CME) briefly surpassed $100,000 earlier in the day before pulling back slightly. This marks the second time Bitcoin futures have crossed the $100,000 threshold, with the first instance occurring just last Friday.
The premium on Bitcoin futures relative to spot prices suggests a growing institutional presence in the market, with CME futures open interest hitting new highs. Meanwhile, the Coinbase Price Premium, which tracks Bitcoin’s spot price on Coinbase against Binance’s, has returned to positive territory after dipping below $91,000 earlier in the week. This further reinforces the notion that U.S.-based traders are driving this latest rally.
“Looking at order sizes, it’s clear that Coinbase whales are the key drivers behind this Bitcoin surge,” noted Ki Young Ju, CEO of CryptoQuant, in an X post.
