Bitcoin’s price premium on Coinbase has rebounded after briefly turning negative during the recent pullback, suggesting that U.S. traders may be the primary drivers of the current rally.

After its first attempt last week, Bitcoin (BTC) is once again closing in on the $100,000 mark, with prices rising as U.S. traders return following the Thanksgiving holiday.

The Coindesk Bitcoin Index hit a session high of $98,690 early on Friday, reflecting a 3.3% increase in the past 24 hours. The broader CoinDesk 20 Index saw a 6.2% jump, indicating that altcoins led the charge. XRP, ADA, RENDER, and HBAR all posted double-digit gains during the day.

U.S. stock markets are operating with a shortened session today after Thursday’s holiday. Bitcoin miners, which don’t always move in sync with Bitcoin prices, are seeing gains as well. Bitdeer (BTDR) surged 15%, reaching a new all-time high above $14, while other major miners, including MARA Holdings (MARA) and Riot Platforms (RIOT), climbed 5%-10%. In contrast, crypto equities like Coinbase (COIN), MicroStrategy (MSTR), and Semler Scientific (SMLR) have lagged behind.

Bitcoin futures on the Chicago Mercantile Exchange (CME) briefly touched the $100,000 level before retreating slightly, according to TradingView data. This marks the second time the $100,000 milestone has been breached, following last Friday’s breakthrough.

The price premium on futures relative to the spot market suggests a strong institutional presence, with open interest in CME Bitcoin futures hitting record highs.

The Coinbase Price Premium, which tracks Bitcoin’s spot price on Coinbase against the offshore exchange Binance, has moved back into positive territory after briefly dipping below $91,000 earlier this week. This indicates that the rally is likely being fueled by U.S.-based market participants.

“Looking at the order sizes, it’s clear that Coinbase whales are driving this bitcoin rally,” stated Ki Young Ju, CEO of CryptoQuant, in a post on X.