TechFlow reported on January 19 that, according to Cointelegraph, analyst Mignolet stated the Coinbase Premium Gap (CPG) indicator hit its lowest level in nearly 12 months. This was attributed to large U.S. whales selling during the holiday period in the U.S. market, rather than Bitcoin spot ETFs. Data shows the current 30-day average CPG for Bitcoin has dropped to approximately -63.85, the lowest since January 2025, indicating stronger selling pressure from U.S. investors compared to the global market.
The CPG primarily tracks the price difference between the Bitcoin/USD trading pair on Coinbase and the BTC/USDT trading pair on Binance. Technically, Bitcoin's daily chart has formed an ascending wedge pattern, which increases downside risk and could lead to a decline toward $80,000.
