Bitcoin Eyes $100K Again as U.S. Traders Resume Activity Following Thanksgiving Break.

Bitcoin’s price premium on Coinbase has surged back into positive territory after briefly turning negative during the recent market correction, signaling that U.S. traders could be driving the current rally.

After its initial attempt last week, Bitcoin (BTC) is once again approaching the coveted $100,000 threshold, as crypto prices climb higher with the return of U.S. traders following the Thanksgiving holiday.

The Coindesk Bitcoin Index reached an intraday high of $98,690 during early U.S. hours, marking a 3.3% increase in the past 24 hours. The broader CoinDesk 20 Index saw a 6.2% gain over the same period, with altcoins leading the way. XRP, ADA, RENDER, and HBAR all posted double-digit gains on the day.

U.S. traditional markets are operating on a shortened session today following Thursday’s holiday closure. Bitcoin miners listed in the U.S., which don’t always rise in tandem with Bitcoin’s price, are seeing gains. Bitdeer (BTDR) led the pack with a 15% jump, hitting a fresh all-time high above $14. Other major miners, including MARA Holdings (MARA) and Riot Platforms (RIOT), saw increases of 5%-10% in the early hours. In contrast, crypto stocks like Coinbase (COIN), MicroStrategy (MSTR), and Semler Scientific (SMLR) trailed behind.

Bitcoin futures on the Chicago Mercantile Exchange (CME) briefly exceeded the $100,000 level earlier in the day, before pulling back slightly, according to TradingView data. This marks the second time the milestone has been reached, following its first occurrence last Friday.

The price premium on futures compared to the spot market indicates robust institutional participation, with open interest in CME Bitcoin futures reaching all-time highs.

The Coinbase Price Premium, which tracks the spot price of Bitcoin on Coinbase against the offshore exchange Binance, has shifted back into positive territory after briefly dipping below $91,000 earlier this week. This suggests that U.S. traders are likely playing a significant role in the current rally.

“Judging by the order size, Coinbase whales are driving this bitcoin rally,” noted Ki Young Ju, CEO of CryptoQuant, in a post on X.