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.