NewsBTC
9 hour ago
1 0

Bitcoin Drops 9% as Coinbase Premium Gap Stays Negative

Bitcoin's recent recovery above $104,000 has been reversed as the Coinbase Premium Gap remains negative. This gap indicates a price difference between Bitcoin on Coinbase (USD) and Binance (USDT), reflecting selling pressure from Coinbase users, primarily American institutional investors.

  • The Coinbase Premium Gap has mostly stayed negative over the past week, signaling higher selling activity on Coinbase.
  • Despite a brief surge above $104,000, the indicator turned negative again, leading to a decline in BTC price.
  • The gap reflects how US-based whales' behavior differs from global Binance users, impacting BTC market dynamics.
  • A movement of over 13,000 dormant BTC, inactive for 3-5 years, suggests potential selling activity by long-term holders.

Currently, Bitcoin is trading around $100,200, marking a decrease of nearly 9% over the last week.

Bitcoin Price Chart