BTC Price Analysis: What Does Coinbase Negative Premium at Widest Level since Q1 Mean for Bitcoin
The Coinbase Bitcoin Premium Index hit its widest negative divergence since Q1, signaling weak U.S. demand amid Bitcoin's worst weekly drop since March.Summary
The Coinbase Bitcoin Premium Index, which tracks the price difference between Coinbase and the global average, reached a negative divergence of -0.15%, the largest since the first quarter. This negative reading indicates weaker U.S. demand and selling pressure, as Bitcoin trades cheaper on Coinbase.
This trend coincides with Bitcoin being on track for its worst weekly performance since early March, falling over 11%, and its worst monthly performance since June 2022. U.S. spot Bitcoin ETFs experienced persistent outflows throughout November, although Friday saw a significant $238.4 million inflow and a record trading volume of $11.5 billion.
Following a 36% drawdown from its October high, Friday's activity, which included over $4 billion in realized Bitcoin losses—the highest since the SVB crisis—may suggest a capitulation event, potentially signaling BTC stabilization in the low $80,000 range.
(Source：CoinDesk)