Bitcoin Premium Index Hits Record Low, Capitulation Event Signal?
Bitcoins price on Coinbase has been trading cheaper than the global average, indicating less demand in the US and selling pressure. This trend started in early October and has persisted through November, coinciding with Bitcoins worst weekly and monthly performance since March and June respectively. US spot Bitcoin exchange-traded funds have seen consistent outflows until Friday, when a record $238.4 million was invested. The high trading volume, especially with Bitcoin down 36% from its October peak, may suggest a capitulation event, signaling a potential market bottom. Over $4 billion in realized Bitcoin losses were recorded on Friday, the highest since March 2022, further indicating a possible market stabilization in the low eighty-thousand-dollar range.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.