CryptoQuant data shows that Bitcoin’s premium on an exchange has fallen to its lowest level since the FTX collapse, hitting a four-year low. Amid rumors that the platform was hacked, Bitcoin fell 3.5% over 24 hours and is currently trading around $77,300. The unusually wide discount between U.S. domestic and offshore markets reflects concentrated selling by U.S. spot investors. Major buyers are notably absent, keeping the short-term outlook bearish, and there are no signs yet of a bottom or stabilization.

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