Data shows the Bitcoin Coinbase Premium Index has plunged into the negative territory alongside the latest asset price downturn.
The Bitcoin Coinbase Premium Index has plunged into negative territory, indicating that the asset is facing a higher amount of selling pressure on Coinbase than on Binance.
This coincides with the recent crash in the cryptocurrency’s value, suggesting that the selling from the Coinbase users, or the American institutional investors, might be driving the price decline.
Throughout 2024, the price has shown a strong correlation with the Coinbase Premium Index, with the US-based whales having a significant influence on the asset’s price movements.
If the indicator's value remains negative in the coming days, it could signal a continuation of Bitcoin's price decline, as the institutional investors continue to drive the market sentiment.
In related news, another analyst has highlighted that the Bitcoin Binary Coin Days Destroyed (CDD) have spiked, indicating that dormant tokens are being moved.
The Binary CDD tracks the movement of HODLer coins, and a spike in the indicator suggests potential selling by long-term holders.
Currently, BTC's Binary CDD is flashing this signal, indicating that the asset is facing selling pressure from the diamond hands.
At the time of writing, Bitcoin's price is around $100,400, having decreased by over 3% during the past 24 hours.
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