Bitcoin Institutional Selling Behind $57,000 Crash? Data Suggests So
The Bitcoin Coinbase Premium Gap has been negative for seven consecutive days, indicating higher selling pressure on Coinbase compared to Binance. This suggests institutional selling, as Coinbase is popular among American institutional entities. The negative trend coincides with a recent cryptocurrency crash, implying that selling on the platform may have contributed to the decline. The behavior of US-based institutional traders differs from that of global investors using Binance. The indicator's values have influenced Bitcoin's price movements in 2024, and as long as the negative trend continues, bearish price action may persist. A shift to positive values could indicate sideways movement or a switch to bullish momentum. As of now, Bitcoin is trading around $58,600, down over 7% in the last seven days.
