Bitcoin just broke through the $90,000 mark during the U.S. trading hours and quickly shot up past $93,000. This surge came from strong demand. The Coinbase Premium Index hit its highest level since April, signaling that U.S. investors are eager to buy.
After bouncing off the $90,000 level several times earlier this week, Bitcoin (BTC) finally pushed through that resistance on Wednesday morning. Once it broke that barrier, the price climbed rapidly, exceeding $93,000.
This price jump coincided with the opening of traditional U.S. markets at 9:30 a.m. ET. It suggests that robust demand from American investors played a big role in driving prices higher.
According to CryptoQuant data, Bitcoin's Coinbase Premium Index—a key indicator of U.S. demand—rose to 0.2, the highest since April. This index measures the price difference for Bitcoin on Coinbase, a platform favored by U.S. investors, compared to prices on offshore exchanges like Binance.
While it’s not entirely clear who is buying, U.S.-listed spot Bitcoin exchange-traded funds (ETFs) kicked off the day with strong trading volumes. BlackRock's iShares Bitcoin Trust ETF (IBIT), the largest spot ETF with $40 billion in assets, traded around $1.2 billion in the first hour. This made it the fourth most-traded product among all ETFs, according to Barchart.
At the time of writing, Bitcoin had pulled back slightly to $92,200, reflecting a nearly 7% increase over the past 24 hours. This outperformed the broader CoinDesk 20 Index, which rose by 3.5%. Ethereum's ether (ETH) and solana (SOL) also saw gains of 1.6% and 2.7%, respectively, during the same time frame.
The rally is driven by spot buying. The spot cumulative volume delta (CVD)—which measures the net difference between buying and selling volumes—shows strong buying activity. Most of the net volume comes from buyers. Historically, spikes in spot CVD have coincided with price increases, suggesting this rally is sustainable. It’s not based on futures market activity, as noted by CoinDesk analyst James Van Straten.