Bitcoin’s recent price jump over 10% has seen it surpass $90,000, after two months under $87,000. Positive on-chain data signals improving investor sentiment and ETF interest. The Coinbase Premium Gap has been positive for over 11 days, indicating strong buying pressure, particularly from institutional investors, which could sustain this bullish momentum for Bitcoin.
Bitcoin has seen a notable price increase recently, rising over 10% in a week and surpassing $90,000 after lingering below $87,000 for two months. While it’s uncertain if this price uptick marks the start of a sustained bull trend, favourable on-chain data hints that investor sentiment may be improving, suggesting a possible return of the Bitcoin bull market.
According to a recent post on X by crypto analyst Maartunn, rising interest in exchange-traded funds (ETFs) could be fuelling this bullish momentum. The focus is on the Coinbase Premium Gap, which measures the pricing trends of Bitcoin on Coinbase Pro in USD versus Binance in USDT. A positive gap indicates that Bitcoin is priced higher on Coinbase, suggesting strong buying pressure from US investors, particularly those utilising ETFs via Coinbase.
Currently, this Coinbase Premium Gap has remained positive for over 265 consecutive hours, roughly 11 days. Maartunn emphasised that this record marks the fifth-longest duration since Bitcoin ETFs launched in January 2024. Such enduring positivity typically reflects the willingness of institutional buyers and large volume traders to pay above-market rates for Bitcoin, particularly when using regulated avenues like ETFs.
Historically, sustained periods of a positive Coinbase Premium Gap correlate with bullish price movements and accumulation phases for Bitcoin. Hence, the current situation is ripe for sustaining Bitcoin’s recent bullish trend and perhaps triggering the next significant price surge.
As for Bitcoin’s current standing, it has recently climbed above $95,000, registering a 2% increase over the last 24 hours. Data from CoinGecko showcases that Bitcoin has gained over 13% in just the past week, signalling a solid performance for the premier cryptocurrency as it rebounds into the market after months beneath the $90,000 threshold.
