Analysis: Bitcoin premium turns positive on Coinbase, indicating rising demand for Bitcoin among U.S. investors

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MarsBit
11-07
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According to CryptoQuant research head Julio Moreno, "Trump's victory has brought back the demand for Bitcoin from US investors, and the Coinbase premium has turned positive for the first time since October 18." Coinbase is a platform favored by US investors, and its premium indicates increased buying interest, especially from institutional investors making large transactions on Coinbase. As a signal of increased institutional demand, the daily trading volume of Bitcoin futures on the Chicago Mercantile Exchange (CME) hit a record high of $13.15 billion yesterday. According to K33 research head Vetle Lunde, the current average daily trading volume of CME Bitcoin futures for 2024 is $4.56 billion - even higher than the surge in trading volume during the FTX collapse in early November 2022. This milestone indicates a shift in Bitcoin trading activity, with an increasingly significant role played by institutional investors. Furthermore, data shows that in just one week in November, the average monthly open interest in CME Bitcoin futures reached a record high of $11.73 billion.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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