CryptoQuant: Bitcoin trades at discount on Coinbase, could indicate weakening demand from U.S. investors
Bitcoin recently rebounded to a new historical high, but the market dynamics have changed, indicating a weakening demand in the United States. According to data tracked by CryptoQuant, the seven-day moving average of the Coinbase Premium indicator has turned negative. This indicator tracks the difference in Bitcoin prices between Coinbase and Binance.
In other words, Bitcoin is now trading at a discount on Coinbase, which is the custodian of 8 of the 11 Bitcoin spot ETFs launched in the United States two months ago. This development may reflect a relatively weak net buying interest among US investors. (CoinDesk)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Circle Acquires Hashnote, Plans to Integrate USYC
US Court Lifted Sanctions on This Altcoin, Price Soared!
The U.S. District Court for the Western District of Texas has lifted the U.S. Treasury Department’s OFAC sanctions on Tornado Cash.
BlackRock CEO Larry Fink can see a world where bitcoin hits $700,000
BlackRock CEO Larry Fink suggested that if everyone “adopted” the conversation of allocating, for example, 2% to 5% of their assets to bitcoin, the cryptocurrency’s price may someday reach as high as $700,000.Bitcoin recently hit all-time highs and is changing hands around the $104,000 level.
OpenAI will release a new feature Operator for ChatGPT this week
Trending news
MoreCrypto prices
More
