American Bitcoin sellers may be making a return as data shows the Coinbase Premium Gap has turned negative for the first time in 20 days.
Bitcoin Coinbase Premium Gap Has Broken Its Positive StreakThe indicator basically tells us about how buying or selling behaviors differ between the userbases of Coinbase and Binance. The two platforms naturally see some overlap in traders, but their demographics tend to still be different enough overall to produce unique behaviors.
Now, here is the chart shared by Maartunn that shows the trend in the Bitcoin Coinbase Premium Gap over the last several weeks:
As displayed in the above graph, the Bitcoin Coinbase Premium Gap has been positive for most of April, implying that the cryptocurrency has traded at a higher rate on Coinbase than on Binance. This trend would suggest that American investors have generally applied a higher buying pressure than global traders during this month.
From the chart, it’s visible, however, that the past day has seen a shift in the market. The metric, which had been on a 20-day green streak, has plummeted into the negative zone. This reversal in the indicator has come alongside a pullback in the BTC price below the $77,000 mark.
As these massive investors have seemingly taken to selling again, it’s possible that Bitcoin could see a negative effect. It only remains to be seen, though, how the Coinbase Premium Gap will develop in the near future and whether the switch to negative values is going to sustain.
BTC PriceAt the time of writing, Bitcoin is floating around $76,500, down 1.7% in the last 24 hours.
