Bitcoin Coinbase Premium Turns Negative Amid Mixed Signals, Suggesting Potential Volatility Ahead
Main Idea
Bitcoin's Coinbase Premium turned negative after a 62-day positive streak, signaling a shift in US institutional demand, while BTC price remains resilient above $115,000 despite increased sell pressure.
Key Points
1. Bitcoin’s Coinbase Premium ended a 62-day positive streak, reflecting changing US spot demand dynamics.
2. BTC price holds strong above $115,000 despite rising sell-side activity and neutral futures funding rates.
3. Onchain data shows a taker buy/sell ratio drop to 0.9, indicating increased selling by market participants.
4. Key metrics like Net Realized Profit/Loss (NRPL) and Adjusted SOPR suggest investor caution, while technical indicators point to potential volatility ahead.
5. The upcoming Federal Open Market Committee (FOMC) meeting could act as a catalyst for Bitcoin’s next major price movement.
Description
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