CryptoQuant: Bitcoin trades at discount on Coinbase, could indicate weakening demand from U.S. investors

According to Mars Finance news, the market dynamics of Bitcoin’s recent rebound to new all-time highs have changed, indicating that domestic demand for it in the United States has weakened.

The seven-day moving average of the Coinbase Premium indicator has turned negative, according to data tracked by CryptoQuant. This metric tracks the difference between Bitcoin prices on Coinbase and Binance. In other words, Bitcoin is now trading at a discount on Coinbase, the custodian of eight of the 11 Bitcoin spot ETFs launched in the United States two months ago. This development may reflect relatively weak net buying by U.S. investors.