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According to data provided by analytics firm CryptoQuant, the Coinbase Premium Index (CPI) logged a sharp drop on Tuesday after the U.S. stock market open.
This could potentially indicate a substantial outflow from spot Bitcoin exchange-traded funds (ETFs).
The Coinbase premium is often treated as a sign of retail demand in the U.S. A negative premium shows that there is potentially strong selling pressure.
Between Feb. 10 and Feb. 14, a total of $651.83 million was withdrawn from spot Bitcoin ETFs.
Bitcoin is currently trading at $94,239 after dropping to an intraday low of $93,434.
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