Coinbase Premium Index Falls to Four-Year Low, CryptoQuant Founder Says Pessimistic Market Sentiment Could Be a Contrarian Bullish Signal

On October 30, CryptoQuant founder and CEO Ki Young Ju posted on the X platform stating that the Coinbase premium index has fallen to its lowest level in four years. The index last reached such lows in November 2022, when Bitcoin hit a cycle bottom following the collapse of FTX. He noted that the current highly pessimistic market sentiment actually carries bullish implications. The Coinbase premium index reflects the price difference of Bitcoin between Coinbase and Binance and is frequently used as an indicator to gauge the strength of buying pressure in the U.S. market.