Coinbase Premium Index Declines as Bitcoin Price Drops Below $94K
Bitcoin is currently experiencing downward pressure, having fallen below the $100,000 mark. Key points include:
- The Coinbase Premium Index (CPI) has sharply declined, indicating selling activity from US retail investors.
- Spot Bitcoin ETF products faced withdrawals totaling $651.83 million between February 10-14, attributed to profit-taking and uncertainty among investors.
- Despite ETF outflows, institutional adoption of Bitcoin ETFs is increasing, with investments tripling last quarter to reach $38 billion.
- Market data shows Bitcoin trading at $94,172 after hitting a low of $93,434, struggling to break past the $100,000 resistance level.
- Future price movements may depend on interest rates, regulatory trends, and macroeconomic factors.
- Continued ETF outflows and short-term trader sell-offs may lead to further downside before stabilization.
Investors are closely monitoring these developments to gauge Bitcoin's potential recovery.