Data shows the Bitcoin Coinbase Premium Gap is currently negative. Here’s what this could mean for the asset’s recent attempt at recovery.
Bitcoin Coinbase Premium Gap Has Been Deep Red Recently
An analyst in a CryptoQuant Quicktake post pointed out that the Coinbase Premium Gap has been negative recently. The “Coinbase Premium Gap” here refers to an indicator that tracks the difference between the Bitcoin prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair).
When the value of this metric is positive, it means that the price listed on Coinbase is greater than that on Binance right now. Such a trend implies that the former platform is currently witnessing a higher buying pressure or a lower selling pressure than the latter.
On the other hand, the negative indicator suggests Coinbase is witnessing relatively high selling pressure as the price listed here is lower…
