ChainCatcher Message, CryptoQuant analyst Burakkesmeci pointed out that as the 2024 U.S. elections approach, market uncertainty intensifies, with the Coinbase Premium Index dropping to -0.200 on October 25 📉. By the end of last year, the index further declined to -0.237, marking a new low for the past 12 months.

Bitcoin faces downward pressure in a low liquidity market at the year's end, with selling pressure in the U.S. market significantly affecting the Coinbase Premium Index, indicating insufficient institutional demand and cautious sentiment among investors.

Unless macroeconomic conditions improve or buyer interest rebounds, the short-term price recovery of Bitcoin may face challenges. 🔍