Current data suggests potential consolidation for Bitcoin as the Coinbase Premium Index falls below zero, showing decreased interest from institutional investors.
What Is the Coinbase Premium Index?
The Coinbase Premium Index measures the BTC price difference between Coinbase and Binance. A positive index indicates high demand among U.S. investors; a negative index signals reduced demand compared to global traders.
U.S. Bitcoin ETFs See Massive Outflows
Spot Bitcoin ETFs in the U.S. recorded $559 million in outflows over the last week, reflecting diminished institutional participation and limiting BTC's bullish potential.
Bitcoin Whales Offload Assets
According to Santiment, major holders sold 30,000 BTC, worth approximately $2.9 billion, over the past 10 days, potentially increasing downward pressure on Bitcoin's price.
The drop in the Coinbase Premium Index and asset sales by whales contribute to Bitcoin's consolidation. An upward trend is unlikely in the near future.
