CryptoQuant: Bitcoin trades at discount on Coinbase, could indicate weakening demand from U.S. investors

Bitcoin recently rebounded to a new historical high, but the market dynamics have changed, indicating a weakening demand in the United States. According to data tracked by CryptoQuant, the seven-day moving average of the Coinbase Premium indicator has turned negative. This indicator tracks the difference in Bitcoin prices between Coinbase and Binance.

In other words, Bitcoin is now trading at a discount on Coinbase, which is the custodian of 8 of the 11 Bitcoin spot ETFs launched in the United States two months ago. This development may reflect a relatively weak net buying interest among US investors. (CoinDesk)