Analyst: BTC rebound driven by Coinbase premium recovery, spot buying

The recent rebound in Bitcoin was primarily driven by the recovery of the Coinbase Premium, not geopolitical issues, according to a CryptoQuant contribution by an analyst from XWIN Research Japan. The Coinbase Premium Index measures the price difference between the U.S.-based exchange and the global market average, with a rising value indicating stronger U.S. buying pressure. The analyst noted that a recent recovery in demand for spot ETFs caused the premium to turn positive for the first time in about 40 days, helping BTC rebound above $68,000. While tensions in the Middle East caused a temporary drop in BTC, its rapid recovery alongside the stock market suggests that geopolitical factors were not the main driver of this rebound, the analyst explained. The contribution also pointed to derivatives data, noting that funding rates are neutral and leverage ratios are not high, which further suggests the rally is based on spot demand.