After heightened volatility, Bitcoin is trading above $110,800. However, analysts warn the asset’s next move will depend less on ETF flows and more on a tug-of-war between Asian and US liquidity, with data suggesting that regional flows are playing a far greater role than ETF headlines in shaping Bitcoin’s short-term trajectory.
According to the latest report from CryptoQuant, on-chain and exchange data reveal a clear pattern where Asia often lights the initial spark with aggressive trading activity, while the United States decides whether that spark ignites into an uninterrupted rally. Coinbase netflows serve as a reliable proxy for institutional appetite, as consistent outflows indicate long-term accumulation by US-based entities.
The Coinbase Premium Index (CPI), which measures the price gap between Coinbase’s USD markets and Binance’s USDT pairs, further validates this dynamic. A positive CPI has historically been associated with durable rallies, as it indicates that US demand is actively supporting higher prices. Conversely, Binance netflows reveal Asia’s influence, which is often tied to shorter-term sentiment and retail positioning, with heavy inflows usually foreshadowing sell pressure while outflows suggest active dip-buying.
The Korea Premium Index (KPI), widely known as the Kimchi Premium, is currently pointing to moderate premiums that indicate healthy demand, though readings above 5% often warn of speculative excess. When US institutional demand and Asian retail enthusiasm align, as reflected in both CPI and KPI flashing positive simultaneously, Bitcoin rallies tend to accelerate with global momentum.
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