Despite Bitcoin firmly standing at $80,000, the Coinbase Bitcoin premium index has started to turn negative

According to Coinglass data, despite Bitcoin recently firmly standing above $80,000, the Coinbase Bitcoin premium index has started to turn negative. For most of April, the Coinbase Bitcoin premium index remained in positive territory.

In addition, the IFP index, which reflects market participants' risk appetite and the direction of capital flows, has fallen below the 90-day moving average, indicating to some extent that Bitcoin is flowing back from derivatives exchanges to spot exchanges, suggesting a weakening of speculative interest and risk aversion, which typically corresponds to bearish/risk-averse sentiment.