An analyst points out that Coinbase's Bitcoin premium gap indicator has dropped to its lowest level in nearly a year, driven by selling from major US whales during the holiday period rather than Bitcoin spot ETF activity. The 30-day average Coinbase premium gap (CPG) is at approximately -63.85, its lowest since January 2025, suggesting stronger selling pressure from US investors compared to the global market. Technically, Bitcoin's daily chart shows an ascending wedge pattern, indicating increased downside risk with a possible drop near $80,000.

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