Bitcoin Stuck in Three-Month Slump Amid Weaker US Demand

Bitcoin's price has been under pressure for three months due to weak U.S. demand, according to data from Coinbase and Coinglass. The Coinbase Premium Index remained negative for 90 days, standing at minus 0.1066% at the time of the report. This indicates that Bitcoin is trading at a discount on Coinbase relative to Binance, pointing to weaker U.S. spot demand.

The index measures the price difference between Coinbase and Binance, with a negative reading indicating a discount on Coinbase. The current setup follows a decline from around $79,000 in May to nearly $63,000, despite subsequent whale accumulation and repeated attempts to recover higher levels.

Glassnode's data shows that buy-side liquidity below the market has eroded, potentially leaving the price more sensitive to renewed selling. This could result in stronger selling moving Bitcoin lower more quickly than it would in a deeper order book.