Buying pressure from U.S. institutional investors rose sharply on Thursday after Bitcoin (CRYPTO: BTC) corrected from its recent highs.
Bitcoin’s Spot Buying Pressure Surges
In an X post, cryptocurrency analyst J.A. Maartun highlighted a sharp increase in Bitcoin's Coinbase Premium Gap, a barometer of Bitcoin's institutional interest in the U.S.
As of this writing, the Coinbase Premium has climbed to 94.7, according to on-chain analytics firm CryptoQuant.
See Also: Bitcoin Sets New All-Time High At $124,000 As Record-Breaking Surge Continues
What Is the Coinbase Premium Gap?
For the curious, the Coinbase Premium Gap compares the price at which a cryptocurrency, Bitcoin in this case, is traded on Coinbase to how much it is traded on Binance.Â
When it rises, it means that investors are accumulating and are willing to pay a premium to acquire the coin on Coinbase, America's foremost cryptocurrency trading platform.
Meanwhile, Bitcoin spot exchange-traded funds reported net inflows above $230 million on Thursday, representing a 165% increase from the day before, according to SoSo Value.Â
Bitcoin Reverses From Highs
The aggressive accumulation comes despite a sharp dive in Bitcoin’s price, precipitated by hotter-than-expected wholesale inflation numbers.
The top cryptocurrency fell below $118,000, a day after reaching an all-time high of $124,000.
Price Action: At the time of writing, BTC was exchanging hands at $119,365, up 1.25% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has rallied over 25%.
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