$BTC is up almost 50% from the June low, and US buyers on Coinbase still are not paying extra for it. Glassnode’s Coinbase Premium Index has been red for most of this year. the index compares the Coinbase price with other major books. green means Americans are lifting bitcoin. red means Coinbase is cheaper than those other venues, so the bid that took price from about $58,500 in June to $87,000 did not start on Coinbase. a few green ticks showed up in April and a couple of small prints in September. they did not last. the latest bars are still negative while spot sits near $87,000, above the true market mean at $76,746 and after more than $900 million of shorts were forced out. that is the split. offshore books and perps can take $BTC 50% off a low. a lasting US bid usually shows up as a positive premium on Coinbase. that premium has not stuck. so the rally is here and the Coinbase bid is not. $87,000 arrived without it. if that premium turns green and holds, the next leg has a different buyer. if it stays red, this bounce is still missing the book that used to lead. #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?# $ETH