The Coinbase Premium Gap (CPG) has slipped to a near 12-month low, reflected in analyst remarks that swelling U.S. whale activity during the holiday period was the main driver rather than spot ETF flows. The deterioration in the premium indicates stronger selling pressure from U.S. investors relative to the global market. The CPG measures the spread between Coinbase’s BTC-USD price and Binance’s BTC-USDT price, serving as a barometer of retail and institutional demand.
Data show the 30-day average CPG sits around -63.85, the lowest since January 2025. This reading points to significant selling pressure from U.S. participants compared with the rest of the world. The decline aligns with the earlier observation that ETF-related inflows have not been the primary driver.
From a technical standpoint, Bitcoin’s daily chart appears to be forming an ascending wedge, a pattern that raises downside risk. If the pattern plays out, traders could see a move toward the $80,000 level. Market watchers will monitor whether the underlying liquidity supports a reversal or deeper pullback.
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