- Bitcoin climbed from $99K to $103.5K as the Coinbase Premium Gap turned negative.
- Analysts noted 51K BTC orders happening every second on Binance during key hours.
- Coinbase saw reduced demand while Binance and other exchanges drove Bitcoin’s global price surge.
Bitcoin’s price surged past $103,000 on December 15, even though the Coinbase Premium Gap fell deeply into negative territory. Analyst Maartunn reported that buying activity is happening on other exchanges instead of Coinbase, a shift that has not been seen in months.
Source: Maarrtun
Bitcoin Defies Weak U.S. Demand
Bitcoin started rising from $99K on December 13 and gained momentum to reach $103.5K on December 15. The price increase happened even as the Coinbase Premium Gap dropped to 61.1. A negative premium normally means weaker demand from U.S. buyers, especially institutions that favor Coinbase.
This time, however, the price continued to rise steadily. On December 14, the Coinbase Premium briefly spiked to 1.9 but then turned negative again. Instead of slowing down the rally, buying activity seems to have shifted to other global exchanges.
Strong Buying Activity Points to Binance
Maartunn noted that the bid, or buying volume, appeared on platforms other than Coinbase. He shared that this unusual shift had not occurred for months. The CryptoQuant analyst’s observations have sparked discussions among traders about the real source of the buying pressure.
Crypto community members suggest Binance may be leading this activity. A trader known as Tao (@TaoXBT) claimed there were massive buy orders of 51K BTC happening every second during peak times. Such a volume suggests coordinated accumulation, likely from whales or institutions.
There is also speculation that figures like Michael Saylor or firms may be quietly purchasing Bitcoin through non-U.S. platforms. This possibility aligns with global demand driving the price increase.
Global Demand Boosts Bitcoin Beyond $103K
The Coinbase Premium Gap measures the difference between Bitcoin prices on Coinbase and other exchanges. When it is positive, U.S.-based institutional buying usually dominates. However, the sharp drop to 61.1 shows lower demand on Coinbase, yet Bitcoin’s price climbed by more than 4.5% in two days.
The steady rise suggests that other exchanges are driving global Bitcoin demand. This could signal a change in buying strategies as institutions and investors turn to alternative platforms.
The post Bitcoin Jumps to $103K as Binance Buying Surpasses Coinbase Activity appeared first on Crypto News Land.
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