Coinbase said in a research note released on Friday that both U.S. stocks and gold have fallen since reaching their highs in mid-April, against the backdrop of a stronger U.S. dollar and Bitcoin's 16% decline in April, its largest monthly decline since June 2022. The report noted that optimism in this retracement is that BTC's maximum retracement from its highs is 23%, below its historical range, and this trend of overall retracement reduction will continue, in part due to the legalization of BTC as a macro asset.
In addition, the average weekday spot trading volume of Quarter 1 CEX in 2024 was $18.80 billion per day, which is more than eight times higher than the daily trading volume of US spot traded funds (ETFs) of $2.30 billion during the same period, indicating that Bitcoin's price discovery is still rooted in global demand trends.
Coinbase: Bitcoin price discovery still rooted in global demand trends
2024-05-03 14:59:45
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