Coinbase Premium Widens to Negative, Forecast for Bitcoin ETF Fund Outflows

After the decline in Bitcoin, the Coinbase premium has widened into negative territory, raising the possibility of fund outflows from the spot Bitcoin ETF the following day. On August 8, at 3:26 PM (Korean time), Zhang Jue'er stated in the Techflow newsletter that after Bitcoin's drop, the Coinbase premium recorded a negative value, and the extent of this negativity is increasing. The Coinbase premium reflects the difference between the price of Bitcoin on Coinbase and that on other global exchanges, with a negative value indicating that Coinbase's price is lower than that of other markets. This serves as a reference indicator for gauging buying pressure in the U.S. market. Zhang Jue'er mentioned that ETF fund data is reflected in the market movements with a delay, explaining that trading based on this is akin to 'driving while looking in the rearview mirror.' However, he added that the inflow and outflow of ETF funds have a significant impact on the market, making it worth considering. This forecast is based on interpretations of price movements and premium changes, and the actual outflow of ETF funds will be confirmed in subsequent official tallies of the U.S. spot ETF.

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