Coinbase Premium
The price gap between Coinbase and the global market, read as a proxy for US demand.
The Coinbase Premium is the difference between Bitcoin's price on Coinbase, a US regulated venue, and its price on the global offshore market. A positive premium means Coinbase is trading richer, which is read as US buyers lifting offers. A negative premium means the opposite, US flow leaning to the sell side. It is a proxy and not a measurement of anyone's identity: it reflects where the marginal aggressive order is sitting, and it can move with US market hours and with ETF creation and redemption windows. Persistent one-sided readings are more informative than any single print. We chart the daily series back to 2017-08-17 and publish the cash-and-carry basis alongside it.