Bitcoin Premium Hits 4-Week Low as Circle's Arc Mainnet Launches

Bitcoin (BTC)’s Coinbase premium has fallen to a four-week low, and Circle ($CRCL) has launched its Arc mainnet. Cumberland-linked wallets were also observed making PONS deposits.

CryptoQuant reported that the Coinbase premium index stood at -0.07% on the 16th, down from -0.02% the previous day. This indicates that Coinbase’s dollar-denominated Bitcoin price was approximately $50 lower than Binance’s USDT price, with Bitcoin trading around $75,000.

GateNews cited Lookonchain data showing that a wallet categorized as linked to Cumberland had withdrawn 17.64 million PONS from Gate over the past two weeks at an average of $0.67 per unit, then deposited 1.5 million PONS back within the last five hours for a total value of $877,000 (approximately 1.2 billion KRW).

Circle officially launched its Arc mainnet on the 16th. The company stated that BlackRock and Visa were among initial validators, with over 100 applications and more than 100 institutional ecosystem builders joining on launch day.