Coinbase Bitcoin premium index plummets, signaling weaker US demand

The Coinbase Bitcoin Premium Index, which measures the price difference between Bitcoin on the largest U.S. crypto exchange and the global average, has dropped sharply, according to data from Coinglass. As of 3:00 p.m. UTC on June 2, the index registered -0.2116%. This indicates that Bitcoin is trading approximately 0.2116% cheaper on Coinbase than the global average, suggesting a weakening of demand in the United States.