CryptoQuant analyst @MAC_D46035 indicates that there is currently a -0.221% negative premium for Bitcoin on Coinbase, marking the fifth time this level has been reached since May of last year. Compared to Binance investors, this decline suggests a decrease in buying demand from U.S. investors. The analyst notes that historically, this phenomenon is temporary during bull markets and usually attracts new buyers who see it as an opportunity. While it is uncertain whether the price after this significant drop represents a bottom, if the bull market continues, a bottom may form soon, potentially leading to a rebound.