Analyst: Coinbase Bitcoin premium spread indicator drops to nearly one-year low due to U.S. whale holiday sell-off

According to Cointelegraph, analyst Mignolet stated that the Coinbase Premium Gap (CPG) indicator has hit a nearly 12-month low, attributed to U.S. whales selling off during the holiday period in the U.S. market, rather than a Bitcoin spot ETF.

Data shows that the current 30-day average CPG for Bitcoin has dropped to about -63.85, the lowest level since 2025, indicating that selling pressure from U.S. investors is stronger than that in the global market.

CPG primarily tracks the price difference between the Bitcoin/USD trading pair on Coinbase and the BTC/USDT trading pair on Binance. Technically, the daily chart for Bitcoin has formed a rising wedge pattern, which increases the risk of a price decline, potentially falling to around $80,000.