The Coinbase Premium Index has fallen to its lowest level in four years, mirroring conditions seen after the FTX collapse in November 2022 when Bitcoin reached a cyclical bottom. CryptoQuant founder Ki Young Ju noted that the index, which gauges the strength of U.S. investor buying activity on Coinbase, is now at levels last observed during one of crypto's most bearish periods. Ki Young Ju interpreted the extreme pessimism reflected in the current reading as a potential bullish signal for markets. The Coinbase Premium Index measures the price difference between Bitcoin traded on Coinbase versus other exchanges, with sustained discounts indicating weak demand from U.S.-based investors.