Coinbase: Bitcoin price discovery remains rooted in global demand trends

Golden Finance reported that Coinbase said in a research report released on Friday that since reaching a high in mid-April, both U.S. stocks and gold have fallen, against the backdrop of a stronger U.S. dollar, and Bitcoin fell 16% in April, the largest monthly drop since June 2022. The report pointed out that what is optimistic in this retracement is that BTC's maximum retracement from the high is 23%, which is lower than its historical range. This trend of reducing overall retracements will continue, partly due to the legalization of BTC as a macro asset. In addition, the average weekday spot trading volume of CEX in the first quarter of 2024 was US$18.8 billion per day, more than eight times the daily trading volume of US spot exchange-traded funds (ETFs) of US$2.3 billion during the same period, indicating that Bitcoin's price discovery is still rooted in global demand trends.