The Coinbase Premium Index reflects the demand for Bitcoin in the US by analyzing the activity on the Coinbase exchange. The last two weeks have shown a divergence between this index and the price of Bitcoin.

Demand from North American investors is increasing, especially in view of the launch of a Bitcoin ETF in January 2024 and the upcoming US presidential election. Despite the increase in the price of Bitcoin from $94K to $106K, the Coinbase Premium has decreased.

This could indicate a weakness in the medium term if the price increase is not supported by demand from the US. Investors should monitor this development closely.