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Bitcoin Has Undergone This Bearish Structure Change, Analyst Explains
An analyst has explained that the recent trend in the Bitcoin Coinbase Premium Gap suggests a significant change in the asset’s structure.
1️⃣ Bitcoin Coinbase Premium Gap Has Continued To Be Negative
In a new post on X, analyst Maartunn discussed how the Bitcoin Coinbase Premium Gap is still negative. The “Coinbase Premium Gap” here refers to a metric that tracks the difference between the Bitcoin prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair).
2️⃣ This indicator’s value provides hints about how the behavior of the former’s userbase currently differs from that of the latter platform.
3️⃣ Below is the chart shared by the analyst that reveals the trend in the Bitcoin Coinbase Premium Gap since the start of the year.
4️⃣ As the graph shows, the Bitcoin Coinbase Premium Gap had been mostly positive as Bitcoin had gone through its journey from $44,000 to beyond the $73,000 level.
5️⃣ This would imply that the price listed on the exchange was higher than on Binance during this period. Such a trend naturally suggests that the buying pressure on the former was greater than on the latter.
Coinbase is widely known to be the preferred platform of US-based institutional investors, while Binance has global traffic. Thus, the green positive premium values would imply these large American entities had been buying and supporting the rally.
Recently, however, the indicator’s value turned negative as these investors took to selling instead. Since then, the metric has continued to assume such values. Alongside this selloff, the BTC price has experienced a notable decline.
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