The main reason behind the spike in the discount was tied to Bitcoin's massive plunge on the market, which resulted in a 40% devaluation of the digital gold.
But according to the same index now, institutional traders are no longer selling their holdings actively but buying relatively large volumes of spot BTC, which pushed the index into the premium zone. It was the first time the indicator turned positive since April 2022 when the cryptocurrency market sell-off started.The index would be one of many indicators that are showing a potentially upcoming bounce on the cryptocurrency market.
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