Brothers, this data is crucial—Coinbase negative premium continues to expand, Bitcoin has dropped from 74,000 to 66,000, and this round of adjustment is led by American investors.
Let me break down the meaning of this signal for you:
What is Coinbase negative premium?
Coinbase is the main exchange in the United States, while Binance is a global platform. When the BTC price on Coinbase is lower than on Binance, it indicates that American funds are selling off or waiting, while Asian and European funds are relatively more active.
What has happened since March 19?
The negative premium has continued to expand, and during the same period, BTC has dropped from 74,000 to 66,000. What does this indicate? This drop is not global, but rather dominated by American funds selling off.
Why are American funds selling?
Several reasons:
· Powell's hawkish stance, delaying interest rate cut expectations
· US stock market adjustment, risk appetite contracting
· Regulatory uncertainty (CLARITY Act advancement is hindered)
· Some institutions are adjusting their positions at the end of the quarter
Our insights:
First, American funds are a barometer. If they are not buying, it will be difficult for BTC to rebound quickly. The real reversal signal will be when the negative premium narrows or even turns positive.
Second, Asian funds are supporting the market. Although the price has dropped, those whales on Hyperliquid are still bottom-fishing, indicating that Eastern funds have a high recognition of the 66,000-68,000 range.
Third, observe more and act less in the short term. The drop led by American funds often lasts longer, so don’t rush to bottom-fish.
In terms of operation, continue to observe the 65,000-66,000 support. If the negative premium begins to narrow, then consider increasing positions.
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