The BTC price could get stuck in the consolidation for a longer time than initially planned, since the latest data in the chain shows that Bitcoin Coinbase’s premium index has backed down below zero. What does this metric signal decreasing for the main cryptocurrency?
YoS The price of bitcoin at risk of motion down?
In a recent publication on platform X, an outstanding cryptographic expert Ali MartÃnez revealed That Bitcoin Coinbase’s premium index has been decreasing, falling below a critical area in recent days. The Coinbase Prima Index is a metric in the chain that tracks the difference between the BTC price in coinbase (torque) and binance (USDT pair).
This indicator can also provide information on the difference in the behaviors of purchase and sale of investors on the two cryptography trade platforms. The Bitcoin Coinbase Premium index reflects the feeling of the institutional entities of the United States (the main actors in Coinbase) and how it differs from those of global exchanges.
In general, when Bitcoin’s price premium in Coinbase increases or is a positive value, it implies a growing demand for US investors, who are willing to spend more than other global investors to buy the chiptomoned badge. On the other hand, the Coinbase Prima Index slides under zero brand signals that US investors are buying less compared to global merchants.
Source: Ali_charts/X
This low purchase activity stands out for the monotonous performance of the funds quoted in the Spot BTC stock market in recent weeks. The latest market data show that the US Bitcoin ETF market. UU. It registered a total output of $ 559 million last week.
With institutional investors and large Americans who do not accumulate Bitcoin at current prices, the market leader could have difficulty building any real uprising impulse. Historically, a sustained decrease in the Coinbase Prima Index metric has been associated with a period of consolidation or even a possible downward risk for the price of BTC in the short term.
BTC whale download assets
In a separate publication in X, MartÃnez observed That a kind of Bitcoin investors has been cutting their holdings in recent weeks. Santiment data shows that whales that have between 10,000 and 100,000 coins have sold 30,000 BTC (with a value of approximately $ 2.9 billion) in the last 10 days.
This level of sales activity explains the slow price action of Bitcoin in recent weeks. At the time of writing this article, the price of BTC is located just above the $ 96,500 brand, which reflects a 0.8% increase in the last 24 hours. The main cryptocurrency has decreased by 1.1% in the last week, according to Coingceko data.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Istock’s prominent image, TrainingView graphics
