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Analyst: Coinbase premium turns positive, indicating rising demand for Bitcoin among U.S. investors
2024-11-07 14:57
Odaily News "Trump's victory has brought back demand for Bitcoin among U.S. investors, with the Coinbase premium turning positive for the first time since October 18," said Julio Moreno, head of research at CryptoQuant. Coinbase is a popular platform for U.S. investors, and its premium indicates increased buying interest, especially from institutional investors who use Coinbase for large trades. As a sign of increased demand from institutional investors, daily trading volume for CME Bitcoin futures hit a record high of $13.15 billion yesterday. According to Vetle Lunde, head of research at K33, the average daily trading volume for CME's 2024 Bitcoin futures is currently $4.56 billion - even higher than the surge in trading volume during the FTX crash in early November 2022. This milestone indicates a shift in Bitcoin trading activity, with institutional investors playing an increasingly important role. In addition, data shows that in just one week in November, the average monthly open interest in CME Bitcoin futures has reached a record high of $11.73 billion. (The Block)