Bitcoin (BTC) has gained nearly 28% this month, hitting the highest since early November. The popular narrative on Crypto Twitter<\/a> is that traders from Coinbase (COIN) have powered the cryptocurrency higher. However, the Nasdaq-listed exchange hasn’t been the only source of bullish pressures for the cryptocurrency.<\/p>\n The Coinbase premium index, which measures the spread between Coinbase’s BTC\/U.S. dollar (USD) pair and Binance’s BTC\/USDT pair involving the tether stablecoin, turned positive last week and rose to 0.039 over the weekend, the highest since late October, per data sourced from blockchain analytics firm CryptoQuant.<\/p>\n In other words, the indicator suggests the buying pressure on Coinbase has been relatively stronger.<\/p>\n “The price premium between Bitcoins traded on Coinbase vis-\u00e0-vis those traded on Binance (Coinbase-Binance premium) continued to be positive throughout the week, which is indicative of increased buying interest from institutional investors vis-\u00e0-vis retail investors,” Andr\u00e9 Dragosch, head of Deutsche Digital Assets, wrote in a note to clients.<\/p>\n Institutions prefer publicly traded and regulated Coinbase over offshore entities like Binance, which are considered a proxy for retail investor participation. Binance is now taking steps<\/a> to establish itself as an institutional-focused platform.<\/p>\n However, another indicator called the cumulative volume delta (CVD), which measures the net capital inflows into the market, suggests the rally began with Binance-based entities bidding for bitcoin with BUSD, a fiat-backed stablecoin issued by Binance and Paxos, in the perpetual futures market. And buyers from Coinbase and other exchanges joined the fray later.<\/p>\n A rising CVD means more buyers are in action, while a negative-sloping line implies there are more sellers.<\/p>\n<\/div>\n<\/div>\n<\/div>\n