Bitcoin's recent breakout above $110K was supported by a late rebound in the Coinbase Premium Gap, climbing from ~6.9 on July 7th to ~48.8 points by July 10th. This signals a return of spot demand from U.S. investors, but not at the intensity seen earlier in June, when the premium peaked above 80.
The data paints a nuanced picture: the breakout wasn’t purely derivatives-driven, there was real buying from the U.S. spot market. However, the failure to reach prior premium highs suggests that some larger players are still hesitant to chase this rally, leaving open the question of whether momentum can be sustained without stronger follow-through.
Written by Enigma Trader
