The Coinbase Premium Index has dropped to -0.221%, the fifth time it has reached this level since May of last year. This indicates reduced buying pressure from American investors compared to investors on Binance.

However, in previous bull markets, this phenomenon has often been temporary and typically attracts new buyers who see it as an opportunity.

While it is uncertain whether prices have hit a bottom after this sharp decline, if the bullish market continues, a bottom may form soon, paving the way for a recovery.