The premium on Bitcoin at Coinbase turned positive as silver reached a record high

Bitcoin may be showing the first signs of a recovery in demand after a stressful month. The Coinbase Bitcoin Share Premium Index (CBPI), a measure that tracks whether US investors are paying more or less for BTC on Coinbase compared to global exchanges, turned positive today for the first time in weeks.

This change comes as the price of silver rises to an all-time high above $55 per ounce, indicating a renewed desire for exposure to hard assets in the markets.

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What does it really mean for Coinbase premium to go green?

The former spent almost the entire month of November in negative territory, reflecting weak US demand. Outbound ETFsAnd weak liquidity.

Now, a positive picture indicates that buyers in the US spot market are paying a slight premium again, indicating stabilization in domestic demand.

In simple terms, the Coinbase Premium Index compares the price of BTC on Coinbase (USD market) to its price on major global exchanges (USDT markets such as Binance).

• First positive → American investors bought intensively
• Negative bonus → Lower US demand or stronger international flows
• neutral → Balance of global demand

Today’s shift into positive territory indicates that… US spot demand improved For the first time this monthalthough the general sense still indicates intense fear.

This matters because the US market has historically driven BTC price reversal points – especially during liquidity shifts or significant macroeconomic changes.

https://x.com/KobeissiLetter/status/1994450463731675417

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The correlation between silver and Bitcoin

Silver hitting an all-time high is remarkable in itself. But the timing alongside the positive bonus update on Coinbase adds an interesting layer of behavior.

Historically, the Bitcoin-Silver correlation has been low and unstable. The long-run correlation typically lies close to 0 to +0.3. It only grows during periods of major economic fear, and collapses when crypto-specific factors dominate.

Currently, Bitcoin and silver are clearly separated. However, this chapter highlights something important

When silver rises sharply while Bitcoin stops falling, it often signals the end of fear-driven selling.

Turning the Coinbase bonus green is consistent with this model. Silver strength indicates a general increase in appetite for hard assets.

With the US premium turning positive, Bitcoin demand may return Where did he disappear to?

In general, this does not mean that the two assets are linked today – they are not.

But that means that General economic conditions (Interest rates, liquidity, dollar weakness) are starting to support “alternative asset” flows.