Bitcoin’s Recent Weakness Is More Tied to Global Markets Than to Anything Crypto Specific, Coinbase Says

“The average weekday spot volume on CEXs during 1Q24 was $18.8 billion, more than eight-fold the $2.3 billion daily volume of U.S. spot ETFs over the same period,” the note said. “This discrepancy in activity leads us to believe that bitcoin’s price discovery still remains rooted in global demand trends.”