Bitcoin Coinbase premium stays negative for 51 days as US demand lags - Crypto News
Bitcoin's Coinbase Premium Index has remained below zero for 51 consecutive days, with the latest reading at −0.10% as the US exchange continues to price BTC below Binance.
The negative premium streak began on Sept. 23, according to CoinGlass data. The latest reading of −0.10% is less negative than the 30-day average of −0.14%, though both remain below the annual average of −0.06%. This persistent discount suggests weaker buying pressure in the US market compared to global markets.
The Coinbase Premium Index compares Bitcoin's price on Coinbase's BTC-USD market with its price on Binance's BTC-USDT market. CoinGlass describes this measure as a way to observe buying and selling pressure in the US market relative to global markets.
ETF outflows coincide with premium
US Bitcoin ETFs have recorded five consecutive outflow sessions through Nov. 11, losing approximately $1.44 billion across that period. SoSoValue figures show Nov. 11 net withdrawals reached $299.9 million, with BlackRock's iShares Bitcoin Trust accounting for $269.73 million and Grayscale's Bitcoin Trust losing $39.13 million.
Morgan Stanley's Bitcoin Trust attracted $8.96 million, partially offsetting the withdrawals from those two funds. Despite the recent outflows, cumulative net inflows since the funds launched in January 2024 stood at $55.1 billion, with combined net assets totaling $93.7 billion.
Weak spot buying persists
Bitfinex analysts described weak spot buying alongside growing futures positions despite Bitcoin's price decline. Their figures show futures open interest at 701,900 BTC, up 3.3% between Nov. 8 and Nov. 11, while the price declined 2.6%. Following the US inflation release, open interest fell just 0.2% despite approximately $729 million in liquidations.
Bitfinex identified $75,717 as the average purchase price of coins held for fewer than 155 days. They estimated that 1.6 million BTC purchased between $75,000 and $80,000 was underwater, leaving recent buyers exposed to losses.
This time it hasn't held so far: skew has risen again, showing that investors are still paying up to hedge.
Options demand for protection
Bitget Wallet Research analysts suggested a sustained recovery would depend on positive ETF flows and more balanced derivatives positioning. They noted the selloff had removed some speculative excess, while fresh demand remained insufficient.
CoinShares managing director Marc des Ligneris pointed to continued defensive positioning in one-month options skew, where positive readings indicate investors paying more for downside protection through puts than for upside exposure through calls.
Related
