ChainCatcher message, CryptoQuant analyst @MAC_D46035 pointed out that there is a -0.221% negative premium on Bitcoin existing on Coinbase, marking the fifth occurrence since May of last year. This phenomenon indicates a decrease in purchasing demand from American investors, contrasting with Binance investors.

Historically, this kind of negative premium is usually temporary during bull markets and often attracts new buyers who see it as an opportunity. However, it is currently uncertain whether this price drop has reached its bottom. If the bull market continues, a bottom may form soon, potentially triggering a price rebound. Market participants need to closely monitor on-chain data to assess future trends.