Analyst: Bitcoin "selling pressure" drives Coinbase premium index to a 12-month low
ChainCatcher news, CryptoQuant analyst Burakkesmeci stated: "On October 25, 2024, just before the U.S. elections, the Coinbase premium index fell to -0.200 due to increased uncertainty. However, by the last day of the year, the index further declined to -0.237, marking the lowest point in the past 12 months.As Bitcoin fell in a low liquidity market at the end of the year, the increasing selling pressure in the U.S. market significantly impacted the Coinbase premium index, dragging it to new lows.This decline not only indicates a lack of institutional demand but also highlights the cautious sentiment among U.S. investors. Unless we see a change in macroeconomic conditions or renewed interest from institutional or retail buyers, this trend may create a challenging environment for a short-term price recovery for Bitcoin."
