"BTC Plunge, Coinbase Premium Records -0.23"
Market "US Investor Sentiment Can Turn Anytime"
CryptoQuant analyst Burakasmeci recorded in a report released on the 2nd that the 'Coinbase Premium' reached its lowest point on the 31st, arguing that Bitcoin declined due to the selling pressure from US investors.
The Coinbase Premium is an indicator that represents the price difference between Coinbase's Bitcoin and Binance's Bitcoin, which is a key indicator that specifies the cryptocurrency investment sentiment between US and overseas investors.
Burakasmeci pointed out that on the 31st, when Bitcoin plunged 2% to $91,479, the Coinbase Premium fell to -0.23. The last time the Coinbase Premium fell to the same level was in January 2024, just before the start of a major bull market.
Meanwhile, based on Burakasmeci's data, the market both inside and outside believes that there are sufficient conditions for Bitcoin to rebound. This is because the inauguration of the 47th US President, Donald Trump, an event that could increase the buying pressure of US investors, is scheduled for January 20th.
Reporter Kwon Seung-won ksw@blockstreet.co.kr