Coinbase Bitcoin Backwardation Index Expands Rapidly, U.S. Buying Pressure 'Gradually Wanes'

BlockBeats News, June 2nd, according to Coinglass data, the Coinbase Bitcoin Premium Index ended its mild easing trend from February to May, weakening again since May 8th, and has recently rapidly expanded to temporarily stand at -0.1323%. The purchasing power in the U.S. market has once again fallen into a sustained low.

The Coinbase Bitcoin Premium Index is used to measure the difference between the Bitcoin price on Coinbase and the global market average price. A negative premium usually reflects significant selling pressure in the U.S. market, a decrease in investor risk appetite, a rise in market risk aversion, or capital outflows.