Bitcoin may be showing the first signs of a recovery in demand after a difficult month. The Coinbase Bitcoin Premium Index (CBPI) — an index that tracks whether U.S. investors are paying for BTC on Coinbase and global exchanges — turned positive today for the first time in weeks.
The change comes as silver soars to an all-time high of over $55 an ounce, demonstrating a new appetite for exposure to hard assets across markets.
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What Greening Coinbase Premium Really Means
Premiums remained in negative territory for most of November, reflecting weak US demand, ETF outflows, and declining liquidity.
Now, the green print suggests that US spot buyers are finally paying a small premium again, indicating that domestic demand is stabilizing.
Simply put, the Coinbase Premium Index compares the BTC price on Coinbase (USD market) to the price on major global exchanges (USDT market such as Binance).
Positive premium → US investors are actively buying
Negative premium → lower US demand or stronger international flows
Neutral → balanced world demand
Today’s move into positive territory marks the first improvement in US spot demand this month, even though broad sentiment remains extremely fearful.
This is important because the US market has historically led BTC price inflection points, especially during liquidity transitions and macro pivots.
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Correlation between silver and bitcoin
The fact that silver is at an all-time high is noteworthy in itself. But its timing alongside the newly positive Coinbase Premium adds an interesting layer of behavior.
Historically, the correlation between BTC and silver has been low and volatile. Long-term correlations are typically around 0 to +0.3. It only spikes during major macro-fear episodes and collapses when crypto-specific factors prevail.
At the moment, BTC and silver are clearly decoupled. However, this disconnect highlights an important
When Bitcoin stops falling while silver rises significantly, it often signals the end of a fear sell.
Coinbase Premium turning green matches this pattern. Silver’s strength shows that interest in hard assets is broadly increasing.
If the US premium turns positive, demand for Bitcoin could return to where it left off.
Overall, this does not mean that the assets are currently correlated; in fact, they are not.
But it does mean that macro conditions (interest rates, liquidity, dollar weakness) are starting to support the flow of “alternative assets” again.
