Data indicates that the Bitcoin Coinbase Premium Gap has turned negative, indicating that large US-based investors may be selling the cryptocurrency. The Coinbase Premium Gap is an indicator of interest from US investors in Bitcoin, measuring the difference between the Bitcoin price listed on Coinbase and that on Binance.

When the value of the indicator is positive, it suggests that American users are potentially participating in a higher amount of buying than global investors, while negative values suggest that US-based holders may be doing a higher amount of selling than worldwide users. The low level of interest from US institutional investors could lead to further downward movement for Bitcoin as it struggles to hold above $29,000.