PiCK
"Coinbase premium negative for 3 consecutive weeks… Bitcoin, US-origin selling pressure persists"
Summary
- Coinbase Bitcoin premium index has been reported to be in negative territory for 3 consecutive weeks.
- The sustained negative premium is reported to indicate US-origin selling pressure and strengthening investor risk-aversion.
- It was reported that there may be capital outflow pressure acting together with market uncertainty expansion.
Analysis suggests that the Coinbase Bitcoin (BTC) premium index, which gauges US investor flows, has remained in negative territory for 3 consecutive weeks and that US-origin selling pressure continues.
On the 4th, cryptocurrency-focused media Odaily cited Coinglass data, reporting, "The Coinbase Bitcoin premium index has recorded negative values for 21 consecutive days since December 15 last year, and the current figure is -0.0331%," it said.
The Coinbase Bitcoin premium index is an indicator that shows how much the Bitcoin price on the US-based exchange Coinbase is higher or lower compared to the global major exchanges' average price. When the index turns negative, it is often interpreted as a sell-dominant phase centered on the US market.
The media said, "The fact that the premium index has shown a prolonged negative trend suggests that US investors' risk-aversion tendencies are strengthening," and "There may be capital outflow pressure acting together with increased market uncertainty."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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