The Bitcoin Coinbase Premium Index has fallen below zero, indicating reduced buying activity from US investors compared to global traders. This decline, coupled with significant outflows from US Bitcoin ETFs and whale sell-offs totaling 30,000 BTC, suggests that Bitcoin may face prolonged consolidation and potential downward pressure on its price. Currently, BTC is trading just above $96,500, reflecting a slight increase over the past day but a decrease over the week.
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