Coinbase Premium, Not Bank of Japan Rates, Might be the Metric to Watch for BTC
Bitcoin
is trading at $109.7K as the Wednesday trading day begins in Asia, according to CoinDesk market data.
While the world’s largest digital asset is trading flat in the early hours of the session, CoinDesk market data shows that it’s up 4% on the week.
An expected Bank of Japan rate cut isn’t doing that much to move the market, even though a low interest rate policy is usually what drives risk-on sentiment and positively impacts BTC prices.
One metric to watch instead is the ‘Coinbase Premium’. Tracked by CryptoQuant, it measures the price difference between BTC on Coinbase Pro (USD) and Binance (USDT), demonstrating the dollar demand for bitcoin (as opposed to crypto-native demand).
“The Coinbase Premium is gradually…
