"Coinbase premium widened to -$122…lowest in the past 18 months"

An analysis found that the Coinbase premium gap, which gauges U.S. investor flows, has widened significantly into negative territory, making U.S.-originated selling pressure more apparent.

On the 30th, crypto on-chain analyst Matun said on X (formerly Twitter), "The Coinbase premium gap widened to -$122," and "it's the lowest level in the past 18 months."

The Coinbase premium gap refers to the difference between Coinbase's Bitcoin price and the global exchange average price. The more this indicator expands into negative territory, the more it is interpreted as a seller-dominant phase centered on U.S. investors.

Matun explained, "Such an extreme discount period has appeared only five times in the past 18 months." It is regarded as a signal indicating that risk-averse sentiment in the U.S. market has strengthened significantly, beyond short-term price fluctuations.

The market interprets the rapid expansion of the Coinbase premium into negative territory, in conjunction with macro variables, as an indicator that U.S. investors are making conservative position adjustments.