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Spot the Premium
Coinbase spot is trading $115 above Binance spot and $140 above Binance perps — clear signs of ETF-driven demand during the NY session.
This follows a breakout during London hours, now fueled by institutional inflows.
Key insight:
When ETF flows lead, pullbacks typically happen late NY or post-session — not during peak buying windows.
Shorting into ETF demand? Risky move.
