The Bitcoin Coinbase Premium Index has entered negative territory, indicating a higher rate of selling on Coinbase compared to Binance. This coincides with the recent drop in Bitcoin’s value. The index suggests that American institutional investors on Coinbase may be driving the price decline. If the index remains negative, further elongation of the decline cannot be ruled out.
Additionally, the Bitcoin Binary Coin Days Destroyed has spiked, indicating potential selling pressure from long-term holders. At the time of writing, Bitcoin’s price is around $100,400, down 3% over the past day.
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