Editor's PiCK
Bitcoin Coinbase Premium turns negative for the first time in 60 days…"Indicates weakening US demand"
Summary
- It was reported that the 'Coinbase Premium' index, which reflects US investor demand for Bitcoin, has turned negative for the first time in 60 days.
- CoinDesk stated that the Coinbase Premium is an indicator reflecting US institutional investors' buying pressure.
- This downward shift suggests weakened demand among US investors and indicates the possibility of further adjustment in the price of Bitcoin.
The 'Coinbase Premium'—an indicator gauging US investor demand for Bitcoin (BTC) as the price difference of Bitcoin between Binance and Coinbase—has turned negative.
On the 29th (local time), CoinDesk, a cryptocurrency-focused media outlet, reported after analyzing TradingView's data that for the first time since the end of May, the Coinbase Premium Index has shifted into the negative.
CoinDesk explained, "The Coinbase Premium is generally considered an indicator reflecting US institutional investors' buying pressure," adding, "This shift into the negative signals weakening demand from US investors, especially the possibility of institutional-level adjustment." It further stated that "it is also an indicator supporting the possibility of further adjustment in the Bitcoin price."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
