Bitcoin (BTC) Sees Strong Buying Pressure In US Despite Recession Fears

Bitcoin is currently seeing strong buying pressure from U.S. investors, as reflected by the on-chain data. The US recession fear and the interest rate

Despite the broader market downturn, Bitcoin is seeing strong buying pressure from U.S. investors. This is evident from the on-chain data, which shows that the premium gap on the Coinbase exchange has turned positive for the first time since July 28.

The premium gap, which measures the difference between the BTC price on Coinbase and other major exchanges, indicates increased demand for the cryptocurrency on the U.S. exchange. According to CryptoQuant data, the premium gap reached 0.025 on August 7, signaling that investors are pouring money into BTC.

This surge in demand comes amid soaring concerns over a potential U.S. recession, fueled by weaker-than-expected jobs data and a rising unemployment rate. The Sahm Rule, a key recession indicator, was triggered as initial jobless claims came in softer than anticipated.

However, the positive Coinbase Premium gap suggests that U.S.-based traders are actively buying Bitcoin, driving up prices on the exchange. For context, a positive premium indicates that BTC price on Coinbase is surpassing that of other top crypto exchanges like Binance, signaling strong demand from U.S. investors.

On the other hand, a negative premium suggests weak buying interest from U.S. traders, indicating a lack of momentum in the market. This bullish trend is further supported by data showing BTC whales accumulating the cryptocurrency, signaling a potential bullish momentum ahead.

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