The BTC price can be stuck in the merger for a longer period than expected at the beginning, as the latest data on the series shows that the Bitcoin Coinbase Premium index has declined below zero. What does this metric signal in the excellent cryptocurrency?
IS Bitcoin price is at risk of a declining movement?
In a recent post on the X Punit Ali Martinez platform open The Bitcoin Coinbase Premium has decreased, as it decreased to the bottom of a critical area in recent days. The Coinbase Premium Index is a scale on the series that tracks the difference between the BTC price on Coinbase (US dollar pair) and Binance (USDT).
This indicator can also provide an insight into the difference in the behavior of buying and selling investors on the coding trading platforms. The Bitcoin Coinbase Premium Index reflects the feelings of the American institutional entities (the main players in Coinbase) and how it differs from those in the global stock exchanges.
Usually, when the bitcoin price rises on Coinbase or is a positive value, it means increasing demand from American investors, who want to spend more than other global investors to buy the leading cryptocurrency. On the other hand, the Coinbase Premium is sliding under the signing sign signs that American investors buy less compared to global merchants.
Source: Ali_charts/X
This low purchase activity is highlighted by the great performance of the money traded on the immediate stock exchange in recent weeks. The latest market data shows that the Bitcoin ETF market in the United States recorded a total flow of $ 559 million last week.
With the lack of accumulation of institutional and adult investors in the United States at current prices, the market pioneer can fight to build any real rise momentum. Historically, a continuous decrease in the Coinbase premium index scale has been associated with the period of unification or even the risks of the PTC’s possible negative side in the near term.
BTC Whales Distiner Assets
In a separate post on X, Martinez Note A group of Bitcoin investors have trimmed their holdings in recent weeks. Santiment data shows that whales carrying between 10,000 and 100,000 coins have sold 30,000 BTC (approximately $ 2.9 billion) in the past ten days.
This level of sales activity explains somewhat the slow work of bitcoin in recent weeks. From writing these lines, the BTC price sits a little higher than the 96,500 dollar sign, which reflects an increase of 0.8 % over the past 24 hours. The first cryptocurrency decreased by 1.1 % last week, according to data from Coingceko.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Distinctive image from Istock, TradingView graph
