On-chain analytics firm CryptoQuant has revealed how selling from US Bitcoin investors has dominated during the recent market downturn.
Bitcoin Coinbase Premium Gap Points To US Selloff
In a new thread on X, CryptoQuant has talked about some key pieces of data related to the US-dominated Bitcoin selloff. The first indicator that CryptoQuant has shared is the “Coinbase Premium Gap,” which keeps track of the difference between the BTC price listed on Coinbase (USD pair) and that on Binance (USDT pair).
As the below chart shows, the 30-hour moving average (MA) value of this metric has plummeted into the red territory recently.
A negative value on the Coinbase Premium Gap indicates that the asset is trading at a price lower on Coinbase as compared to Binance. The former exchange is the preferred platform of the American investors, especially large institutional entities, while the latter one hosts a global traffic. As such, a red premium can be a sign that US-based whales
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