Bitcoin has observed a plunge under the $93,000 level during the past day. Here’s what the trend in an indicator suggests about what could be behind this downturn.
Bitcoin Coinbase Premium Gap Has Gone Cold
As pointed out by CryptoQuant community analyst Maartunn in a new post on X, the Coinbase Premium Gap has returned to neutral levels recently. The “Coinbase Premium Gap” here refers to an indicator that keeps track of the difference between the Bitcoin price listed on Coinbase (USD pair) and that on Binance (USDT pair).
This metric essentially tells us about how the buying or selling behaviours differ between the user bases of the two cryptocurrency exchanges. Coinbase’s main traffic is made up of American investors, especially large institutional entities, while Binance serves investors around the world.
When the Coinbase Premium Gap has a positive value, it means the US-based whales are participating in a higher amount of buying or a lower amount of selling th
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