Analysis: Coinbase discount convergence may indicate that Bitcoin selling pressure is easing

Matrixport's analysis states that since October, the price of Bitcoin on Coinbase has consistently been lower than on other global exchanges, resulting in a noticeable discount. Although this price difference is somewhat influenced by fluctuations in USDT prices, the long-term discount still reflects a more pronounced selling tendency among investors on the Coinbase platform.

The imbalance in capital flow from the U.S. market may be one of the important reasons for the sustained pressure on the market in recent months. However, when the price of Bitcoin briefly fell to around $60,000, the discount began to narrow and has now basically returned to neutral levels. We previously mentioned that this kind of correction often indicates that most of the selling pressure has been gradually absorbed by the market, and the trading status of Bitcoin is expected to improve accordingly. Recent price movements seem to confirm this judgment. Despite ongoing geopolitical risks and a generally weak performance of risk assets, Bitcoin's overall trend remains relatively robust. This may indicate that the earlier phase of heavy selling pressure is gradually nearing its end, and the market environment is expected to see marginal improvements.