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 Streak In a new post on X, CryptoQuant community analyst Maartunn has talked about the latest trend in the Coinbase Premium Gap for Bitcoin. This metric keeps track of the difference between the BTC spot price listed on Coinbase (USD pair) and that on Binance (USDT pair). The 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. Coinbase is the main destination of the US-based investors, especially the large institutional entities , while Binance hosts a global traffic. As such, the value of the Coinbase Premium Gap reflects whether the American whales are applying a higher or lower buying/selling pressure as compared to Binance’s global whales. 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. Last month, the Coinbase Premium Gap had witnessed an extended stay inside the red region, and while it had this phase, the BTC price had struggled. The surge into positive values this month, on the other hand, led to the asset’s recovery . The indicator having some correlation with the spot price in this manner is a pattern that has often been witnessed since the start of 2024 due to US institutional entities becoming more involved in the sector. 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 Price At the time of writing, Bitcoin is floating around $76,500, down 1.7% in the last 24 hours.
