Bitcoin ’seller pressure’ pushes Coinbase premium index to 12-month low
A crypto analyst says the rise in the Coinbase Premium Index is due to “increasing seller pressure” in the US market, reaching levels not seen since January 2024.
The Coinbase premium index — a metric used to gauge Bitcoin retail demand in the United States — fell to its lowest level in 12 months as 2024 drew to a close, with an analyst warning it could pose a challenge to short-term price recovery.
“The increasing seller pressure in the US market has significantly impacted the Coinbase Premium Index, dragging it to new lows,” CryptoQuant contributor Burakkesmeci said in a Dec. 31 analyst note.
The Coinbase premium can be used as a way to gauge Bitcoin (BTC) demand from US retail investors. A rising value indicates more buying pressure and a negative value hints at selling pressure.
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Author: Ciaran Lyons
