Analyst: Coinbase Premium Turns Positive, Indicating Rising Demand for Bitcoin from U.S. Investors

According to The Block, Julio Moreno, head of research at CryptoQuant, said, “Trump's victory has brought back demand for bitcoin from U.S. investors, with the Coinbase premium turning positive for the first time since Oct. 18.” Coinbase is a favorite platform for U.S. investors, and its premium indicates an increase in buying interest, especially from institutional investors who use Coinbase for large transactions.
In a sign of increased demand from institutional investors, daily trading volume in Chicago Mercantile Exchange (CME) bitcoin futures hit an all-time high of $13.15 billion yesterday. The average daily trading volume for 2024 bitcoin futures on the CME now stands at $4.56 billion - even higher than the volume surge in early November 2022 when the FTX collapsed, according to Vetle Lunde, head of research at K33. This milestone indicates a shift in bitcoin trading activity, with institutional investors playing a growing role. In addition, data shows that the average monthly open interest in CME bitcoin futures has reached an all-time high of $11.73 billion in just one week in November.