TechFlow reported on January 17 that according to CoinDesk, CryptoQuant data shows Bitcoin continues to trade at a slight discount on Coinbase compared to Binance despite positive policy expectations, reflecting ongoing caution among U.S. institutional investors. Analysts noted that during the period from November to December last year when Bitcoin surged from $70,000 to $108,000, Coinbase consistently showed a premium, indicating U.S. institutional investors were driving the rally at that time.
Analysts believe that although Trump's plan to establish a cryptocurrency advisory committee and potentially support creating a Bitcoin strategic reserve has been viewed favorably, such optimistic expectations have already been priced into the market during the previous rally. Investors are now focusing more on concrete policy implementation after his inauguration. The weak premium indicator on Coinbase suggests institutional investors are awaiting clearer policy signals.
