CryptoQuant contributor aytekin466 has observed that the Coinbase premium, which measures the price differential between Coinbase and Binance, remains negative despite solid Bitcoin spot ETF inflows over the last two trading days. This suggests that whales and institutions, who typically trade on Coinbase Pro, are not driving the current price action. The negative Coinbase premium indicates that retail traders on Binance are selling more Bitcoin than whales and institutions on Coinbase Pro are buying. This could be a sign that retail traders are taking profits or hedging against potential downside risk.

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