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<a href="https://u.today/bitcoins-btc-historic-first-halving-happened-12-years-ago-on-this-date-details" rel="noopener noreferrer nofollow">Bitcoin's price</a> fell as a bout of selling buffeted the crypto market, but an even more striking development occurred: the Coinbase Premium surged. <a href="https://x.com/cryptoquant_com/status/1866278818656448973" rel="noopener noreferrer nofollow">CryptoQuant</a> noted this divergence in a recent tweet, stating that "Bitcoin plummets, but Coinbase Premium surges."
<blockquote class="twitter-tweet">
 Bitcoin Plummets, But Coinbase Premium Surges“Rebound suggests that when excessive panic selling occurs on Binance, which has a higher proportion of small investors, U.S. institutional investors are likely to adopt an aggressive buying strategy.” – By <a href="https://twitter.com/MAC_D46035?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@MAC_D46035</a> Link 👇… <a href="https://t.co/eaXxRhemUp" rel="noopener noreferrer nofollow">pic.twitter.com/eaXxRhemUp</a>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1866278818656448973?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 10, 2024</a>
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The Coinbase Premium is a measure that represents the percentage difference between the Bitcoin prices on Coinbase Pro and Binance. A higher premium suggests increased buying demand from U.S. investors. Furthermore, Coinbase is one of the most popular spot exchanges among U.S. institutional investors.
The <a href="https://u.today/coinbase-announces-major-listings-with-four-new-crypto-assets" rel="noopener noreferrer nofollow">Coinbase</a> Premium has recently shown negative values, beginning yesterday, but has recovered dramatically following a significant price decrease. Notably, when the premium is in a negative area, the market tends to recover.
This rebound implies that when panic-selling happens on Binance, which has a higher concentration of small investors, U.S. institutional investors are more likely to engage in aggressive buying behavior.
<h2 id="crypto-market-faces-sell-off">Crypto market faces sell-off</h2>
A slow bleed in crypto escalated on Tuesday, sending practically the entire sector significantly lower. Bitcoin (BTC) dropped to a low of $94,220 on Tuesday as prices tumbled rapidly.
On Dec. 5, <a href="https://u.today/bitcoin-btc-hashrate-skyrockets-to-historic-high-details" rel="noopener noreferrer nofollow">Bitcoin</a> reached a record high of $104,000 on Coinbase but has since struggled to stay above the six-figure mark. The total cryptocurrency market has lost over $200 billion in the last 24 hours.
Major tokens and midcaps experienced one of their worst days in recent months, with a steep decrease during the early Tuesday session.
According to CoinGlass data, over $1.6 billion in cryptocurrency positions have been liquidated in the last 24 hours, indicating that leveraged bets are unraveling. Overall market value has fallen by 3.73% in the last 24 hours, reaching $3.47 trillion.
Bitcoin traded at $97,689, down 0.76% in the last 24 hours. Major cryptocurrencies like Ethereum and Dogecoin struggled to gain momentum. The collapse resulted in the liquidation of more than $1.39 billion in longs, or optimistic bets, the largest total since 2021. <a href="https://u.today/coinbase-premium-skyrockets-as-bitcoin-dips-to-97000-reason" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Coinbase Premium Skyrockets as Bitcoin Dips to $97,000: Reason

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