The Coinbase premium just flipped green after sitting negative for over three months. That's the first real sign of U.S. spot demand returning — not just leverage pumping the price.
When the premium turns positive, it means buyers on Coinbase are paying more than other exchanges. That usually signals real capital inflow, not just perps getting squeezed.
If this holds, it changes the structure. The last few months were driven by offshore leverage and arb plays. A sustained green premium means actual spot buying is back in the mix.
Watch for follow-through. One flip isn't a trend, but if it stays green and volume confirms, the next leg up has better legs under it.
When the premium turns positive, it means buyers on Coinbase are paying more than other exchanges. That usually signals real capital inflow, not just perps getting squeezed.
If this holds, it changes the structure. The last few months were driven by offshore leverage and arb plays. A sustained green premium means actual spot buying is back in the mix.
Watch for follow-through. One flip isn't a trend, but if it stays green and volume confirms, the next leg up has better legs under it.
