ChainCatcher 消息，据 CryptoQuant 数据，Coinbase 溢价指标骤降至 -90 美元，创今年最低水平之一。上次出现如此强劲的负溢价是在 2025 年 2 月，当时该指标跌至 -138 美元，正值机构投资者大举撤离时期。
该指标通过对比 Coinbase Pro（主要服务机构和大户）与币安（散户主导）的比特币现货价格，揭示市场主导力量。健康牛市中，溢价通常为正值，显示机构积极买入；而当前 -90 美元的深度负溢价表明，价格走势主要由币安散户推动，专业投资者选择对冲、减仓或观望。
而持续负溢价意味着市场被情绪化投资者主导，这类投资者对波动和恐慌反应迅速，可能加剧抛压并导致更严重的回调，直到机构重新入场。
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