Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Markets
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Coinbase 'Negative Premium' at Wid
Markets
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Coinbase 'Negative Premium' at Wid
Coinbase 'Negative Premium' at Widest Level since Q1, Signalling Weak U.S. Demand
Coinbase 'Negative Premium' at Widest Level since Q1, Signalling Weak U.S. Demand
Bitcoin is on track for its worst weekly performance since March, while U.S. demand indicators weaken as the Coinbase premium declines and spot ETFs reach a record volume.
By James Van Straten|Edited by Aoyon Ashraf
Nov 22, 2025, 3:51 p.m.
Bull and Bear (Rawpixel)
What to know:
- Coinbase’s bitcoin Premium Index hit a -0.15% divergence, its widest discount to global markets since Q1, signalling persistent U.S. institutional caution.
- Spot bitcoin ETFs saw $238.4 million of inflows and a record $11.5 billion in trading volume on Friday, hinting at potential capitulation after a 36% market correction.
- Bitcoin is heading for its worst week since March with an 11% slide.
The Coinbase Bitcoin Premium Index, which measures the price gap between bitcoin on Coinbase and the global market average, has fallen to a negative divergence of -0.15%, the widest since Q1 this year.
A negative reading of the index means bitcoin is trading cheaper on Coinbase, signalling weakness in U.S. demand, selling pressure and waning institutional appetite. This trend began after the crypto liquidation event on Oct. 10 and has persisted throughout November.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Sign me up
The move comes as bitcoin BTC$84,575.54 is on track for its worst week since early March, having fallen more than 11% and briefly dipped below $81,000 before stabilizing at around $84,000. November has also delivered steep losses, with bitcoin currently down 23%, marking its worst monthly performance since June 2022, when it dropped 38%.
Capitulation event?
This shift in market sentiment is also visible in U.S. spot bitcoin ETFs, which have seen persistent outflows for most of November.
Read more: Bitcoin ETFs Have Bled a Record $3.79B in November
However, Friday broke that streak with $238.4 million of inflows, the largest since Nov. 11, according to Farside data. It was also a record volume day, with the ETFs collectively trading $11.5 billion according to Bloomberg ETF analyst Eric Balchunas. BlackRock’s IBIT accounted for $8 billion of that total.
Balchunas also noted that IBIT saw a record week for put volume, indicating that "this is one thing that may help people stay the course, they can always buy some puts as a hedge while they stay long."
Given bitcoin’s 36% drawdown from its October all-time high, Friday may represent a high-volume capitulation event, often observed at local price bottoms. While it's not guaranteed, the events may be signaling BTC's potential attempt to stabilize in the low $80,000 range.
Glassnode data shows more than $4 billion in realized bitcoin losses on Friday, the highest level since March 2023 during the Silicon Valley Bank crisis, another potential capitulation data point.
Read more: Bitcoin Sell-Off Led by Mid-Cycle Wallets While Long-Term Whales Hold Firm: VanEck
Coinbase PremiumBitcoin NewsBitcoin ETFmarket analysisTop Stories
More For You
Protocol Research: GoPlus Security
Commissioned byGoPlus
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
View Full Report
More For You
Bitcoin Greed & Fear Index Shows Extreme Pessimism, Tactical Bottom May Be Near: Analyst
Peak fear suggests a tactical low may be near.
What to know:
- Bitcoin's Greed & Fear Index has plummeted to extreme pessimism, according to 10x Research.
- Peak fear suggests a tactical low may be near.
Read full story
Latest Crypto News
'Liquidity Crisis': $12B in DeFi Liquidity Sits Idle as 95% of Capital Goes Unused
UK Crime Network, Worth Billions, Used Crypto to Funnel Drug Cash to Russia, NCA Says
Aerodrome Finance Hit by 'Front-End' Attack, Users Urged to Avoid Main Domain
Turning ‘$11K to Half a Billion Dollars From Trading Memecoins’: Tales From a Crypto Wealth Manager
Bitcoin Treasuries to Move Beyond HODL to Yield, Hedging and Share Buybacks as NAV Discount Bites
Bitcoin Greed & Fear Index Shows Extreme Pessimism, Tactical Bottom May Be Near: Analyst
Top Stories
Turning ‘$11K to Half a Billion Dollars From Trading Memecoins’: Tales From a Crypto Wealth Manager
'Liquidity Crisis': $12B in DeFi Liquidity Sits Idle as 95% of Capital Goes Unused
Aerodrome Finance Hit by 'Front-End' Attack, Users Urged to Avoid Main Domain
Bitcoin Greed & Fear Index Shows Extreme Pessimism, Tactical Bottom May Be Near: Analyst
Bitcoin Treasuries to Move Beyond HODL to Yield, Hedging and Share Buybacks as NAV Discount Bites
UK Crime Network, Worth Billions, Used Crypto to Funnel Drug Cash to Russia, NCA Says
Market Opportunity
Union Price(U)
$0.002873
$0.002873$0.002873
USD
Union (U) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
From random auctions to forward contracts, how does ETHGas transform block space into a priced resource?
Key points: ETHGas redefines Ethereum block space as a priced resource, moving beyond transaction fees that fluctuate with demand. Through block space futures and
Share
PANews2025/12/26 14:00
Headwind Helps Best Wallet Token
The post Headwind Helps Best Wallet Token appeared on BitcoinEthereumNews.com. Google has announced the launch of a new open-source protocol called Agent Payments Protocol (AP2) in partnership with Coinbase, the Ethereum Foundation, and 60 other organizations. This allows AI agents to make payments on behalf of users using various methods such as real-time bank transfers, credit and debit cards, and, most importantly, stablecoins. Let’s explore in detail what this could mean for the broader cryptocurrency markets, and also highlight a presale crypto (Best Wallet Token) that could explode as a result of this development. Google’s Push for Stablecoins Agent Payments Protocol (AP2) uses digital contracts known as ‘Intent Mandates’ and ‘Verifiable Credentials’ to ensure that AI agents undertake only those payments authorized by the user. Mandates, by the way, are cryptographically signed, tamper-proof digital contracts that act as verifiable proof of a user’s instruction. For example, let’s say you instruct an AI agent to never spend more than $200 in a single transaction. This instruction is written into an Intent Mandate, which serves as a digital contract. Now, whenever the AI agent tries to make a payment, it must present this mandate as proof of authorization, which will then be verified via the AP2 protocol. Alongside this, Google has also launched the A2A x402 extension to accelerate support for the Web3 ecosystem. This production-ready solution enables agent-based crypto payments and will help reshape the growth of cryptocurrency integration within the AP2 protocol. Google’s inclusion of stablecoins in AP2 is a massive vote of confidence in dollar-pegged cryptocurrencies and a huge step toward making them a mainstream payment option. This widens stablecoin usage beyond trading and speculation, positioning them at the center of the consumption economy. The recent enactment of the GENIUS Act in the U.S. gives stablecoins more structure and legal support. Imagine paying for things like data crawls, per-task…
Share
BitcoinEthereumNews2025/09/18 01:27
zkPass Listing: Upbit’s Strategic Move to Boost Privacy-Focused Crypto Adoption
BitcoinWorld zkPass Listing: Upbit’s Strategic Move to Boost Privacy-Focused Crypto Adoption In a significant move for the privacy-focused cryptocurrency sector
Share
bitcoinworld2025/12/26 14:45