Ahead of the CPI Report, Bitcoin’s Coinbase Premium Indicator Reveals Strong Overseas Demand.

Bitcoin’s Coinbase premium indicator, which tracks the spread between the dollar price of BTC on Coinbase and its Tether-denominated price on Binance, has turned negative for the first time since the February 3 crash, data from Coinglass reveals.

This shift suggests that U.S. traders on Coinbase are adopting a more cautious stance ahead of the release of Wednesday’s U.S. Consumer Price Index (CPI). Meanwhile, overseas buyers have been the driving force behind Bitcoin’s rebound, lifting its price from a recent dip near $94,900 to approximately $96,000.

In previous bull runs, the Coinbase premium has often signaled strong buying interest from U.S. investors, with notable price increases, including a surge in early November when the premium reached a two-month high as Bitcoin exceeded $70,000 for the first time.