US Investors are showcasing caution, as seen in the Coinbase premium index.
This Index has dropped to a low of 0.0254% amid investor uncertainty.
The index outlook is influenced by the upcoming CPI data release billed for this week.
The Bitcoin Coinbase Premium Index, a metric used to gauge Bitcoin retail demand in the US, fell to its lowest in six months. This shift comes ahead of Wednesday’s US Consumer Price Index (CPI) release, suggesting cautiousness among investors.
Coinbase Premium Flips Negative
According to CoinGlass , the Bitcoin Coinbase Premium turned negative on Tuesday to -0.0254%. On the same day, Bitcoin briefly dropped to $95,902. This has raised concerns among investors as it is the first time the index has flipped negative since it crashed on August 3.
Notably, the Coinbase Premium Index measures the percentage difference between the price of Bitcoin on the American exchange and rival platforms like Binance. The index is usually used to determine the demand of US institutional investors.
A positive reading suggest