The Bitcoin Coinbase Premium Index, which measures the price difference between Bitcoin on Coinbase and Binance, has recently dropped into negative territory, indicating selling pressure on Coinbase. This negative premium may be the cause of the recent decline in Bitcoin's price. The index has consistently influenced Bitcoin's price throughout the year, suggesting a relationship between institutional investors on Coinbase and market movements. However, there is a pattern where the index rebounds whenever it reaches the -0.2% mark, indicating potential buying opportunities for new investors. Currently, the index sits at -0.221%, suggesting that Bitcoin may be approaching a bottom if institutional investors believe the bull run is not yet over. Bitcoin's price briefly dropped below $93,000 but has since rebounded and is trading around $94,100.



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