According to data tracked by CryptoQuant, the 7-day moving average of Bitcoin’s Coinbase premium index (which calculates the price difference between Coinbase and Binance exchanges) has turned negative. This indicates that the buying power of US investors in Bitcoin is relatively weaker compared to the global market, aligning with the recent trend of slowing inflows into Bitcoin spot ETFs. Analysts believe that if the inflows into Bitcoin spot ETFs continue to weaken, Bitcoin could further decline to $59,000.
