Key points:
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The Coinbase Premium metric has reached its highest since February as US demand for Bitcoin accelerates.
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“Signs of overheating” remain absent, analysis says, predicting positive trends through the end of 2025.
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Exchange reserves continue to decline, with spot exchanges down 550,000 BTC in under a year.
Bitcoin (BTC) is seeing a “surge in buying” from US consumers in a key 2025 tailwind, analysis says.
Onchain analytics platform CryptoQuant shows the Coinbase Premium metric hitting its highest levels since February.
Coinbase Premium eyes new 2025 highs
US Bitcoin demand is staging a convincing comeback as the Coinbase Premium tags multimonth highs.
The Premium, which reflects the difference in price between Coinbase’s BTC/USD and Binance’s BTC/USDT pairs, is often used as a proxy for US buyer appetite.
On June 6, it reached $109.55, marking the largest gap between the two markets since Feb. 3.
📊MARKET UPDATE: The #Bitcoin Coinbase Premium Index has grown steadily since May, signaling robust demand from US-based investors. 💪
Despite a 6% pullback in $BTC since May 22, the rising premium suggests many view the dip as a buying opportunity. ⚡️ pic.twitter.com/2Aol0VQPZk
— Cointelegraph Markets & Research (@CointelegraphMT) June 6, 2025
In one of its “Quicktake” market updates on June 10, CryptoQuant contributor Crypto Dan described supportive behavior from Coinbase users.
“This positive movement, without signs of overheating, is a typical pattern seen in a rising cycle following a correction, suggesting optimistic movements in the cryptocurrency market in the second half of 2025,” he summarized.
The Premium trend comes as US institutional demand also returns after a momentary unwinding due to BTC/USD retesting $100,000 support. Macro uncertainty lay at the heart of what appeared to be a knee-jerk reaction among investors.
As Cointelegraph reported, the largest US spot Bitcoin exchange-traded fund (ETF), BlackRock’s iShares Bitcoin Trust (IBIT), has become the fastest ETF to reach $70 billion in assets under management.
BTC reserves slashed in under a year
Continuing, CryptoQuant flagged declining exchange reserves as an ongoing catalyst for BTC price strength.
Related: $100K becomes bulls’ key level: 5 things to know in Bitcoin this week
“Every rally is the result of unseen preparation,” fellow contributor Baykuş argued in another recent Quicktake post.
“As Bitcoin marches toward $110,000, what are investors doing? The answer is simple: They’re pulling BTC off exchanges. Slowly but surely, with steady determination.”
CryptoQuant data calculates that since July 2024, over half a million coins have left spot exchanges alone.
“This isn’t just a routine move,” Baykus continued, referencing supply and demand dynamics.
“People aren’t selling—they’re holding. They’re not day trading, they’re holding for the long term.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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