Analysts say Coinbase's Bitcoin premium spread indicator falls to a near one-year low

Analyst Mignolet stated that the Coinbase Premium Spread (CPG) indicator hit a nearly 12-month low, mainly due to the selling of US whales during the US market holiday period, rather than Bitcoin spot ETFs. Data shows that the average CPG of Bitcoin over the past 30 days has dropped to around -63.85, the lowest level since January 2025, reflecting stronger selling pressure from US investors than in global markets. CPG tracks the price difference between Bitcoin/USD trading pairs on Coinbase and BTC/USDT trading pairs on Binance. Technically, the daily chart of Bitcoin has formed an upward wedge shape, which may increase the risk of price decline to around $80000.