比特幣 Coinbase 溢價指數在過去一個月暴跌，這對 BTC 價格意味著什麼

正如一位分析師在 CryptoQuant Quicktake 貼文中所解釋的那樣，BTC Coinbase 溢價指數最近急劇下跌至負值區域。

Data shows the Bitcoin Coinbase Premium Index has plunged to two-year lows in recent weeks. Here’s what this could mean for BTC’s price.

數據顯示，比特幣 Coinbase 溢價指數近幾週已跌至兩年低點。這對 BTC 的價格可能意味著什麼。

Bitcoin Coinbase Premium Index Has Plummeted Over The Past Month

比特幣 Coinbase 溢價指數在過去一個月暴跌

As highlighted by an analyst in a CryptoQuant Quicktake post, the BTC Coinbase Premium Index has seen a sharp drawdown into negative territory over the past month. The “Coinbase Premium Index” here refers to an indicator that tracks the difference between the Bitcoin price listed on Coinbase (USD pair) and that on Binance (USDT pair).

正如一位分析師在 CryptoQuant Quicktake 貼文中強調的那樣，BTC Coinbase 溢價指數在過去一個月急劇下跌至負值區域。這裡的「Coinbase溢價指數」是指追蹤Coinbase（美元對）和Binance（USDT對）上列出的比特幣價格差異的指標。

This metric's value can provide insight into the contrasting buying and selling behavior patterns of investors present on the two cryptocurrency exchange behemoths. To be more precise, the indicator showcases how the activities of American institutional investors (the dominant force on Coinbase) differ from those of global whales.

此指標的數值可以深入了解投資者在這兩個加密貨幣交易巨頭上的不同買賣行為模式。更準確地說，該指標顯示了美國機構投資者（Coinbase 上的主導力量）的活動與全球鯨魚的活動有何不同。

When the Coinbase Premium Index has a positive value, it signifies that the asset is trading at a higher rate on Coinbase as compared to Binance. Such a trend suggests that US-based whales are participating in a higher amount of buying (or lower amount of selling) as compared to global investors.

當 Coinbase 溢價指數為正值時，表示資產在 Coinbase 上的交易價格高於幣安。這種趨勢表明，與全球投資者相比，美國鯨魚參與的買入量更高（或賣出量更少）。

On the other hand, values below zero indicate that Binance users are buying at a higher rate, as the coin is priced higher on the exchange.

另一方面，低於零的值表明幣安用戶正在以更高的價格購買，因為代幣在交易所的定價更高。

Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Index over the past year:

現在，下面的圖表顯示了過去一年比特幣 Coinbase 溢價指數的趨勢：

As can be seen from the chart above, the Bitcoin Coinbase Premium Index was in positive territory during the cryptocurrency's ascent to new highs in the last two months of 2024. The pattern observed throughout the year was that the American institutional investors played a leading role in the market, with shifts in buying and selling pressure from them being reflected in the asset's price.

從上圖可以看出，比特幣Coinbase 溢價指數在2024 年最後兩個月攀升至新高的過程中處於正值區域。作用。

However, in mid-December, the indicator began to dip into negative territory and has remained there since. BTC's spot value has also continued to decrease during this time, indicating that Coinbase whales are still playing a primary role in the market.

然而，從 12 月中旬開始，該指標開始跌入負值，並一直維持在該水準。 BTC的現貨價值在此期間也持續下跌，顯示Coinbase鯨魚仍在市場中扮演主要角色。

With the latest decrease, the Coinbase Premium Index has now dropped below its lowest point in October. In fact, the indicator is currently at its lowest value since November 2022, over two years ago.

隨著最新的下跌，Coinbase 溢價指數現已跌破 10 月的最低點。事實上，該指標目前處於兩年多前 2022 年 11 月以來的最低值。

Considering that the Coinbase whales have been largely responsible for Bitcoin's direction in the past year, the indicator remaining in a downtrend could bode poorly for the cryptocurrency's price.

考慮到 Coinbase 鯨魚在過去一年中對比特幣的方向負有主要責任，該指標仍處於下降趨勢可能對加密貨幣的價格來說不是好兆頭。

However, historically, the asset has tended to bottom out when selling pressure on Coinbase has become too strong, as new buyers eventually emerge to buy coins at a cheaper rate from the sellers. The sharp negative spike around the FTX crash also marked a major bottom for BTC.

然而，從歷史上看，當 Coinbase 的拋售壓力過大時，該資產往往會觸底，因為新買家最終會以更便宜的價格從賣家那裡購買代幣。 FTX 崩盤周圍的急劇負面飆升也標誌著 BTC 的重大底部。

It now remains to be seen whether the FUD from the US-based investors has reached a high enough level for a bottom to be formed.

現在，美國投資者的 FUD 是否已達到足夠高的水平以形成底部仍有待觀察。

BTC Price

比特幣價格

Bitcoin has started the new year on a positive note, with its price recovering to the $96,600 level.

比特幣以積極的勢頭開始了新的一年，其價格回升至 96,600 美元的水平。