Coinbase, one of the leading cryptocurrency exchanges in the United States, is currently experiencing a significant price premium compared to its competitor, Binance. This premium, which is the largest seen since March 2023, suggests a notable shift in trading patterns. On a regional scale, the US market appears to be leaning strongly bullish, with monthly price changes exceeding $3,000. This trend is reflected in the trading activity on Coinbase, where US traders predominantly trade the BTCUSD pair. In contrast, the Asian market has experienced a significant shift, with the region flipping negative during its trading session for the first time since September. This shift has led to increased trading of the BTCUSDT pair on Binance, indicating a more bearish sentiment in Asia. Furthermore, Coinbase International, Coinbase’s derivatives exchange licensed in Bermuda, has seen a notable increase in daily trading volume in November, consistently exceeding $100 million. This surge in activity could contribute to the premium observed in the BTCUSD pair on Coinbase. Overall, these developments highlight the diverging trading patterns between Coinbase and Binance, with the US market displaying bullishness while the Asian market experiences a shift towards bearish sentiment.