Bitcoin

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Pseudonymous market analyst HornHairs has&nbsp;<a href="https://x.com/CryptoHornHairs/status/1812512088603943210" rel="noopener noreferrer nofollow">noted</a> that Bitcoin has seen its largest Coinbase premium in two months.&nbsp;&nbsp;
This indicates that the current rally is primarily driven by spot buying.&nbsp;&nbsp;
The Coinbase premium measures the difference between the price of the largest cryptocurrency on Coinbase and Binance.&nbsp;
When Bitcoin has a higher price on the largest US exchange, it means that US investors are mainly responsible for buying pressure.&nbsp;
Moreover, it is worth noting that spot-driven rallies are considered to be much safer compared to leverage-driven ones. Crypto rallies that are driven by risky and speculative derivatives products are less healthy.&nbsp;
As&nbsp;<a href="https://u.today/german-government-has-almost-no-bitcoin-left" rel="noopener noreferrer nofollow">reported by U.Today</a>, the market recently suffered from a massive selling spree initiated by Saxony, a state in the eastern part of Germany. However, the market was able to mostly absorb these sales.&nbsp;
Notably, spot Bitcoin exchange-traded funds (ETFs) attracted nearly $900 million during this week, displaying their best performance since May. This once again confirms that there is strong demand for Bitcoin among US buyers.&nbsp;
According to CoinGecko data, the leading cryptocurrency by market cap is currently changing hands at $60,019.40 after reaching an intraday high of $60,373.&nbsp;
Despite the substantial recovery, the "Fear and Greed" sentiment indicator is still showing "fear" with 30 points out of 100, according to its latest update.&nbsp;
Bulls might hope for a quick recovery following the end of Saxony's Bitcoin sales and encouraging US macro data. However, there are also&nbsp;<a href="https://u.today/crypto-giant-coinbase-issues-bearish-warning" rel="noopener noreferrer nofollow">concerns</a> about the lack of an obvious bullish catalyst that could propel prices higher.&nbsp;

Bitcoin's Coinbase Premium Skyrockets. What Does It Mean?

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