[Analysis: Coinbase Premium Index shows Bitcoin price may have bottomed out] Golden Finance reported that according to CryptoQuant data, Bitcoin's premium on Coinbase has fallen to its lowest negative level since the FTX crash. David Lawant of FalconX pointed out that such negative readings often appear at local bottoms in prices and foreshadow subsequent increases. The Coinbase Premium Index, which measures the difference in Bitcoin prices between Coinbase and Binance, recently fell to -0.19. This indicates weak demand and increased selling pressure from U.S. investors, partly due to ETF outflows and the government's sale of confiscated assets through Coinbase. However, such readings often indicate that prices have bottomed out, such as in November 2022, when BTC prices rose by more than 50% in the months after bottoming out.
