Bitcoin's Coinbase Premium has fallen to a four-year low, a level last seen in November 2022 following the FTX collapse, according to CryptoQuant CEO Ki Young Ju. This metric, which compares Bitcoin's price on Coinbase to Binance, suggests potential buying pressure. The drop occurs amid broader market concerns following a $6.3 billion hack on the Binance exchange.
A sustained low Coinbase Premium can signal potential buying opportunities for Bitcoin investors, even amidst broader market fear. Binance's commitment to cover hack losses may influence market sentiment.
Bitcoin's Coinbase Premium has fallen to a four-year low, a level last seen in November 2022 when Bitcoin formed its cycle bottom near $15,500-$16,000, according to CryptoQuant CEO Ki Young Ju. The premium measures the price difference between Bitcoin on Coinbase (USD pair) and Binance (USDT pair), indicating relative buying pressure from the US market. This development comes as the broader crypto market faces uncertainty following a reported $6.3 billion hack on the Binance exchange, with Bitcoin trading around $77,000.
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