Analyst: Coinbase Bitcoin Premium Gap Indicator Hits Near One-Year Low, Dragged Down by U.S. Whales' Holiday Selling

Odaily News, analyst Mignolet stated that the Coinbase Premium Gap (CPG) indicator has hit a nearly 12-month low, attributed to selling by U.S. whales during the U.S. market holiday, rather than Bitcoin spot ETFs. Data shows that the current 30-day average CPG for Bitcoin has dropped to approximately -63.85, the lowest level since January 2025, indicating stronger selling pressure from U.S. investors compared to the global market. The CPG primarily tracks the price difference between the Bitcoin/USD trading pair on Coinbase and the BTC/USDT trading pair on Binance. Technically, Bitcoin's daily chart has formed a rising wedge pattern, which increases the risk of a price decline, potentially falling to around $80,000. (Cointelegraph)