The Coinbase premium has stayed negative for 51 straight days, and US buyers are still missing. 📉
CoinGlass data reported by WiseVoter shows the Coinbase Premium Index below zero since September 23, latest reading minus 0.10 percent, with a 30 day average of minus 0.14 percent. ⚠️ At the same time futures open interest rose 3.3 percent to 701,900 BTC between November 8 and 11 while price fell 2.6 percent, so traders are adding leveraged positions into weakness while US spot demand stays quiet. My reading is that a market cannot bottom on leverage alone, it needs real spot buyers, and the premium says they have not arrived yet.
What brings US buyers back first, a reclaim of 70,000 or a deeper washout to 64,800? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #Coinbase
CoinGlass data reported by WiseVoter shows the Coinbase Premium Index below zero since September 23, latest reading minus 0.10 percent, with a 30 day average of minus 0.14 percent. ⚠️ At the same time futures open interest rose 3.3 percent to 701,900 BTC between November 8 and 11 while price fell 2.6 percent, so traders are adding leveraged positions into weakness while US spot demand stays quiet. My reading is that a market cannot bottom on leverage alone, it needs real spot buyers, and the premium says they have not arrived yet.
What brings US buyers back first, a reclaim of 70,000 or a deeper washout to 64,800? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #Coinbase
