Bitcoin Signal Crashes to 4-Year Low Last Seen During FTX Disaster, but Top Analyst Sees a Silver Lining

Bitcoin’s Coinbase Premium fell to a four-year low of about -0.2%, a roughly $156 price gap, as Bitcoin dropped more than 5% below $77,000 amid reports of a $6.4 billion security breach involving Binance. CryptoQuant CEO Ki Young Ju highlighted the signal, which compares Bitcoin’s dollar price on Coinbase with its USDT-denominated price on Binance and can indicate U.S. selling pressure or weak buying. The premium last reached this level in November 2022 after FTX’s collapse, when Bitcoin bottomed near $15,500 to $16,000. Ju argued that bearish sentiment had become extreme enough to suggest a contrarian opportunity. Binance pledged to cover losses from the incident with its own funds.