📉 Bitcoin's premium on Coinbase drops to lowest negative level since FTX crash!
🔍 Market Watch:
According to CryptoQuant, Bitcoin's premium index on Coinbase dropped to -0.19, the lowest negative level since FTX crashed. David Lawant of FalconX noted that such negative readings often occur at local bottoms in prices and foreshadow subsequent increases.
💡 Premium Index Explanation:
The Coinbase Premium Index measures the difference between Bitcoin prices on Coinbase and Binance. The recent drop to -0.19 indicates weak demand and increased selling pressure from U.S. investors.
📉 Cause Analysis:
ETF Fund Outflows Government Sells Confiscated Assets Through Coinbase
📈 Historical Data Reference:
In November 2022, Bitcoin prices rose more than 50% in a few months after bottoming out.
🔮 Future Outlook:
The current negative readings may indicate that Bitcoin prices are about to bottom out and rebound in the coming months.
Stay tuned and seize market opportunities!
