Analyst: Bitcoin "selling pressure" pushes Coinbase premium index to a 12-month low
CryptoQuant analyst Burakkesmeci stated, "On October 25, 2024, just before the U.S. election, due to increased uncertainty, the Coinbase premium index fell to -0.200. However, by the last day of last year, this indicator had further fallen to -0.237, hitting a low for the past 12 months.
As Bitcoin fell in a market with low liquidity at the end of the year, increasing selling pressure in the U.S. market had a significant impact on the Coinbase premium index and dragged it down to new lows.
This decline not only indicates insufficient institutional demand but also highlights cautious sentiment among U.S investors. Unless we see changes in macroeconomic conditions or renewed interest from institutional or retail buyers, this trend could create a challenging environment for short-term price recovery of Bitcoin."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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