BlockBeats News, May 7th, according to Coinglass data, despite Bitcoin recently holding above $80,000, Coinbase's Bitcoin premium index has turned negative. For most of April, Coinbase's Bitcoin premium index remained positive.

Furthermore, the IFP index, which reflects market participants' risk appetite and fund flow direction, has dropped below the 90-day moving average, indicating a flow of Bitcoin from derivative exchanges back to spot exchanges. This suggests a weakening speculative interest and risk aversion, usually associated with bearish sentiment/risk avoidance.