Analyst Mignolet stated that the Coinbase Premium (CPG) metric hit a near 12-month low, stemming from selling by US whales during the US holiday season, rather than from Bitcoin spot ETFs. Data shows that the current 30-day average CPG for Bitcoin has fallen to approximately -63.85, the lowest level since January 2025, indicating stronger selling pressure from US investors than in global markets. The CPG primarily tracks the price difference between the Bitcoin/USD trading pair on Coinbase and the BTC/USDT trading pair on Binance. Technically, the Bitcoin daily chart has formed a rising wedge pattern, which increases the downside risk and could potentially lead to a drop to around $80,000. (Cointelegraph)