Bitcoin climbed above $64,000 on Friday, rising more than 1% in 24 hours, as the Coinbase Premium discount narrowed sharply from around negative 150 at the start of July to roughly negative 40. The move helped bitcoin recover all of its losses from earlier this week when President Trump warned of potential strikes on Iran, and the cryptocurrency now trades near $64,400. Meanwhile, U.S. spot bitcoin ETFs saw net outflows of $95 million on Thursday, and ether funds lost $52 million, ending a five-day inflow streak.
Bitcoin's rally and the Coinbase Premium
The Coinbase Premium measures the price difference between bitcoin on Coinbase and Binance. A negative reading indicates bitcoin trades at a discount on Coinbase, often signaling weaker U.S. spot demand. As that discount has narrowed from roughly negative 150 at the start of July to about negative 40, bitcoin has rallied from around $58,000 to above $64,000. The improvement suggests that selling pressure on Coinbase is easing, allowing the price to recover.
Bitcoin also strengthened against gold, with the Bitcoin-to-gold ratio reaching 15.67, meaning one bitcoin is worth 15.67 ounces of gold. Since the ratio bottomed in February, bitcoin has gained 28% against gold. The next key level is 16, where the 200-day simple moving average sits. A sustained break above that level would be a bullish technical signal, reinforcing bitcoin's relative strength versus the precious metal.
ETF flows turn negative despite price gains
Despite the price rally, institutional flows via ETFs remained weak. U.S. spot bitcoin ETFs lost a net $95 million on Thursday, led by Fidelity's FBTC with $63 million in outflows and ARKB with $40 million. BlackRock's IBIT was flat, while VanEck's HODL and Morgan Stanley's MSBT were the only funds to see inflows. Total bitcoin ETF assets sit near $77 billion.
Ether ETFs fared worse, shedding about $52 million and ending a five-day inflow run. Fidelity's FETH lost $34 million, and BlackRock's ETHA dropped $13 million. No ether fund posted an inflow, and net assets stand at roughly $9 billion. The outflows lag the tape, as bitcoin rose 3.5% on Friday and is up 4.2% on the week, while ether added 2.6% to $1,760.
Broader market context
The rally originated in Asia, where South Korea's Kospi jumped 4% on renewed AI-demand optimism and SK Hynix priced $26.5 billion of American depositary shares. Bitcoin's recovery erased losses from earlier in the week when Trump warned that strikes on Iran could intensify. Institutional money has largely sat out the past month, during which bitcoin has traded between roughly $59,000 and $66,000 without breaking out of that range. The third longest consolidation in history for bitcoin in the $60,000-$70,000 zone continues, as traders watch for a decisive move.