🚨 Coinbase premium falls to a 4-year low! The last time it was this low was November 2022, when FTX collapsed and Bitcoin bottomed out
▪️ $BTC is now at 76775, down 4.5% in 24h, after getting hammered from 81953 to 76444
▪️ Coinbase just quoted 76594, while Binance quoted 76794—a discount of about $200 in the U.S. session. U.S. investors are selling
▪️ Binance BTC futures open interest fell from $7.86 billion to $7.47 billion in 24h (-5%); leverage is still being flushed out
▪️ The 60-day low is 74909, just about 2.4% below the current price
CryptoQuant CEO Ki Young Ju’s exact words: Market sentiment is bearish enough to be bullish.
My personal take: Discounts and deleveraging often happen near a sentiment bottom, but before Binance withdrawals resume, the 74909 level may get tested once more.
Do you think this is an FTX-style bottom, or is the drop only just beginning?
#BTC #BinanceHacked
▪️ $BTC is now at 76775, down 4.5% in 24h, after getting hammered from 81953 to 76444
▪️ Coinbase just quoted 76594, while Binance quoted 76794—a discount of about $200 in the U.S. session. U.S. investors are selling
▪️ Binance BTC futures open interest fell from $7.86 billion to $7.47 billion in 24h (-5%); leverage is still being flushed out
▪️ The 60-day low is 74909, just about 2.4% below the current price
CryptoQuant CEO Ki Young Ju’s exact words: Market sentiment is bearish enough to be bullish.
My personal take: Discounts and deleveraging often happen near a sentiment bottom, but before Binance withdrawals resume, the 74909 level may get tested once more.
Do you think this is an FTX-style bottom, or is the drop only just beginning?
#BTC #BinanceHacked