By 7:35 p.m. Eastern Time on Wednesday, the overall cryptocurrency market was valued at $2.13 trillion, marking a slight 1% drop over the day. Bitcoin (BTC) slid almost 2%, while ethereum (ETH) dipped by about 1%.

Market analyst Maartunn, sharing data from cryptoquant.com, provided a key insight, noting the day before that “the Coinbase Premium has fallen to -$41, signaling strong selling pressure from U.S. institutions.”

By Wednesday, Cryptoquant’s data showed the Coinbase Premium Gap had widened further to -$48.4. This metric, the Coinbase Premium, tracks the price difference of bitcoin between Coinbase Pro (USD pair) and Binance (USDT pair).

A higher premium indicates active buying on Coinbase, while a lower one could signal selling or low activity. Cryptoquant data also highlights that in South Korea, the premium turned negative again over the past week.

This isn’t the first time a discount appeared. It happened twice in September, hitting a 1.15% markdown on Sept. 25. On Oct. 5, another dip occurred, though this time it only dropped by 0.11%. Right now, there’s a slight premium of 0.8%, staying under the 1% mark.

These shifting premiums and market trends reveal the delicate dance between institutional investors and the broader digital asset environment. As prices continue to waver, global sentiment and ongoing uncertainty keep shaping the crypto market.

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