CoinVoice has recently learned that CryptoQuant analyst Burakkesmeci stated: "On October 25, 2024, just before the U.S. presidential election, due to increasing uncertainty, the Coinbase premium index fell to -0.200. However, by the last day of last year, this indicator further dropped to -0.237, marking the lowest point in the past 12 months.
As Bitcoin declines in a low liquidity market at the end of the year, the increasing selling pressure in the U.S. market has a significant impact on the Coinbase premium index, dragging it down to new lows.
This decline not only indicates insufficient institutional demand but also highlights the cautious sentiment among American investors. Unless we see a change in macroeconomic conditions or renewed interest from institutional or retail buyers, this trend could create a challenging environment for a short-term price recovery for Bitcoin.
