Analyst: This morning, Bitcoin plummeted due to selling pressure from non-ETF whales in the U.S

CryptoQuant analyst Mignolet combines the CPG (Coinbase Premium Gap) chart to indicate that the current market is experiencing the strongest selling premium in recent times.

As Bitcoin plunged this morning while the U.S. ETF market was still closed, this selling pressure comes from U.S. whales (large investors) operating outside of ETFs.

Note: CPG measures the price difference of Bitcoin between Coinbase (USD pair) and Binance (USDT pair). A positive value indicates strong buying from the U.S., while a negative value reflects selling pressure from U.S. investors.