According to Woofun AI, CryptoSavingExpert® has detected a significant divergence between the recovery in Bitcoin market capitalization and weak US spot demand. The Coinbase (COIN.US) premium index continues to be negative, highlighting the US market's cautious attitude in the spot sector.
Bitcoin prices fell sharply in late June, and the Coinbase (COIN.US) premium fell close to -0.20%. Since then, the price recovery failed to correct the premium. Purchases in early July regained control of the market situation, but most of the premium was negative, and the brief upward trend quickly fell below zero. The price of Bitcoin continued to rise in mid-July, and the premium remained negative. The final price rebounded to $64,000 and entered the consolidation phase, and the US purchasing power was still weak.
According to data compiled by Woofun AI, this divergence became the core observation of the report, and the premium often meant that demand in the US market was stronger.
Another chart compares the price of Bitcoin with the total market capitalization of the entire cryptocurrency market. The two data series showed almost exactly the same trend over multiple cycles. Every major price increase drives up the overall market value, and the bull market will always set a new peak in valuation before a sharp correction. Even when prices fell, the market capitalization remained above the low point of the previous cycle, and the market capital at the end of each cycle was larger than before. Recent statistics show that the total market value of all cryptocurrencies is close to 2.5 trillion US dollars. Bitcoin's trend is in sync with the market. Recently, high volatility has lowered valuations but has not hindered long-term structural growth.
CryptoSavingExpert said that if the premium value of Coinbase (COIN.US) continues to be positive, it will be another important verification signal for investors to pay attention to.