Bitcoin, which had spent much of the past month trading within a narrow range, suddenly broke out to a new all-time high of $112,000 on July 9.
The surge coincided with a sharp increase in the “Coinbase Premium,” a key indicator used to gauge Bitcoin demand among US investors.
According to data from CryptoQuant, BTC was trading over $48 higher on Coinbase than on offshore platforms like Binance during the upswing, hinting at significant buying pressure from the American market.
That gap had reached an even wider margin earlier, peaking at $87.76 last week. This suggests that institutional and retail interest in the US has remained elevated during recent price climbs.
Meanwhile, market indicators still show US investors’ demand for Bitcoin has not cooled despite the new all-time high. These persistently elevated premiums signal that the top crypto still has room to run.
The Coinbase Premium tracks the price difference between Bitcoin on Coinbase, which caters mainly to US and institutional users, and Binance, the global leader in trading volume and a hub for offshore retail traders.
