According to Cas Abbé, the Coinbase Bitcoin Premium is at its highest level in a month while BTC is moving lower, indicating a notable divergence between Coinbase spot pricing and the broader market direction; source: Cas Abbé on X, Aug 18, 2025. The Coinbase Premium Gap measures the price difference between BTC/USD on Coinbase and BTC/USDT on Binance, and a positive reading is generally interpreted as stronger US spot demand relative to offshore venues; source: CryptoQuant Glossary (Coinbase Premium Gap). A sustained positive Coinbase Premium during price weakness is a venue-specific divergence traders monitor for potential short-term spread mean reversion and relative strength in US-based flows; source: Kaiko research on exchange price dislocations and CryptoQuant metric guidance.

According to Cas Abbé, the local bottom for BTC and altcoins has not been established, as reflected by the still-positive funding rate, which indicates that traders are expecting a V-shape recovery. Additionally, the declining Coinbase premium points to reduced institutional accumulation. These factors, combined with the appearance of controlled selling, suggest that a definitive trend reversal has not yet occurred and further downside risk remains for traders (source: Cas Abbé on Twitter, June 17, 2025).

According to Miles Deutscher, the Coinbase premium for Bitcoin ($BTC) turned positive at the end of last week as ETF-related market capitulations concluded. Currently, it has shifted back into negative territory, though it remains less negative than the previous week. Traders should monitor this metric closely for indications of traditional finance (tradfi) market behavior.