According to CryptoQuant, Bitcoin's premium on Coinbase fell to its lowest negative level since the FTX crash. FalconX's David Lawant pointed out that such negative readings usually appear at the local bottom of the price and signal a subsequent rise.
The Coinbase Premium Index, which measures the difference between the price of Bitcoin on Coinbase and Binance, recently dropped to -0.19. This indicates weak investor demand and increased selling pressure in the US, in part due to ETF outflows and government sales of confiscated assets through Coinbase. However, such readings usually signal a price bottom, such as the November 2022 BTC price increase of more than 50% in the months following the bottom.
Analysis: Coinbase Premium Index Shows Bitcoin Price Could Bottom Out
2024-07-01 22:47:03
According to cryptoquant data bitcoin coinbase price drop ftx crashdesk3cryptocurrencydesktopCrypto News
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