Analysis: Discount convergence on a certain exchange may indicate that bitcoin selling pressure is easing

Matrixport published an analysis stating that since October, the price of bitcoin on a certain exchange has consistently been lower than on other global exchanges, resulting in a noticeable discount. Although this price difference is partly influenced by fluctuations in the price of USDT, the long-term existence of the discount still reflects a more pronounced selling tendency among investors on this particular exchange platform.

The outflow of funds from the US market has likely been one of the main reasons for the sustained pressure on the market in recent months. However, when the price of bitcoin once fell back to around $60,000, the discount began to narrow and has now basically returned to a neutral level. As we mentioned previously, this kind of correction often means that most of the selling pressure has been gradually absorbed by the market, and the trading status of bitcoin is also expected to improve accordingly. Recent price movements seem to confirm this assessment. Despite ongoing geopolitical risks and generally weak performance of risk assets, bitcoin’s overall trend remains relatively stable. This may indicate that the heavy selling phase in the earlier period is gradually coming to an end, and the market environment is likely to see marginal improvement.