Coinbase Premium Goes Full FTX: $BTC Sentiment Reads “Bearish Enough to Be Bullish” 😄

Bitcoin’s Coinbase Premium fell to a four-year low, according to CryptoQuant CEO Ki Young Ju, who said the last comparable reading occurred in November 2022, shortly after the FTX collapse. During that earlier downturn, $BTC formed a cycle bottom near $15,500-$16,000.

“Coinbase Premium hit a 4-year low. The last time it was this low was in Nov 2022, right after the FTX collapse, when BTC bottomed. Market sentiment is bearish enough to be bullish, imo,” Ju wrote on X while sharing a CryptoQuant chart.

The Coinbase Premium Index measures the percentage price difference between an asset trading on Coinbase in a USD pair and on Binance in a USDT pair. It is used as a real-time signal of relative buying or selling pressure from the US market compared with the broader market.

The reading came amid broader market stress, with Bitcoin’s price plunging to $77K as the crypto market reacted to panic surrounding a reported $6.3 billion hack on Binance.