Analyst: US institutions driving BTC rally, citing Coinbase premium

CryptoQuant analyst Maartunn has observed a high correlation between the price of Bitcoin and the Coinbase Premium Gap, suggesting that U.S. institutional investors are driving the current market rally. In a post on X, he noted that the gap, which measures the price difference for BTC between Coinbase and other global exchanges like Binance, is a key indicator. A positive value is typically interpreted as a sign of strong buying pressure from the United States. According to CoinMarketCap data, Bitcoin is trading at $71,257, up 6.59% over the past 24 hours.