According to CoinDesk: Bitcoin reached a historic high of over $93,000 during U.S. market hours on Wednesday, boosted by significant demand from American investors. The rally kicked off as traditional U.S. markets opened at 9:30 am ET, with Bitcoin breaking through the critical $90,000 resistance level and quickly rising further. The surge highlights Bitcoin’s ongoing upward trajectory amid increased U.S. interest and a favourable market environment.
Coinbase Premium Index Reaches Highest Level Since April
A key indicator of U.S. demand, the Coinbase Premium Index, reached 0.2, its highest reading since April, signaling intense buying pressure from U.S.-based traders. This metric, which tracks the price difference between Bitcoin on Coinbase (a platform popular among U.S. investors) and offshore Binance, underscores how U.S. interest has intensified. High demand on Coinbase compared to other platforms suggests that American investors are leading Bitcoin’s latest rally.
Record Trading Volume for BlackRock’s iShares Bitcoin ETF
Adding to the momentum, BlackRock’s iShares Bitcoin ETF (IBIT) saw record trading volumes, with $1.2 billion transacted in the first hour alone, making it the fourth most-traded ETF across all products that morning, according to Barchart data. With $40 billion in assets under management, IBIT has become a key vehicle for U.S. investors to gain exposure to Bitcoin, further supporting demand.
Spot Buying Signals Sustainable Growth, Says Analyst
Bitcoin’s price rally is backed by strong spot market activity, as indicated by the Spot Cumulative Volume Delta (CVD) — a metric showing the net difference between buying and selling volumes. CoinDesk analyst James Van Straten noted that CVD spikes have aligned with Bitcoin price increases, suggesting a more sustainable uptrend driven by genuine buying interest rather than speculative futures trading. The emphasis on spot trading implies a foundation of stability for Bitcoin's upward movement.
Broad Crypto Market Sees Gains, Following Bitcoin’s Lead
Bitcoin’s rally has positively influenced other major cryptocurrencies, with Ethereum (ETH) and Solana (SOL) also posting gains of 1.6% and 2.7%, respectively. As of this report, Bitcoin’s price sits at approximately $92,200, marking a 7% increase in the last 24 hours and leading the CoinDesk 20 Index, which saw a 3.5% rise over the same period.
