Coinbase premium at lowest level this year…a sign of waning U.S. demand

Bitcoin (BTC) prices fell more than 11% on a weekly basis, showing the weakest trend since March, while the Coinbase premium index, which gauges U.S. demand, fell to its lowest level since the first quarter of this year.

On the 23rd (local time), crypto news outlet CoinDesk reported that the Coinbase Bitcoin premium index recently fell to –0.15%. This means Coinbase's price was lower than the global average, reflecting weakened buying pressure in the U.S. and weaker institutional demand. This negative (–) premium period has continued for more than a month since the large-scale liquidations in October.

Bitcoin was pushed below 81,000 dollars at one point, falling more than 11% on a weekly basis. The cumulative decline for November is about 23%, marking the largest monthly correction since June 2022 (a 38% drop).

U.S. spot Bitcoin ETFs saw outflows throughout the month, but on the previous day they recorded a net inflow of 238,400,000 dollars, temporarily reversing the trend. Total trading volume, including BlackRock's IBIT, reached a record 11,500,000,000 dollars. IBIT traded about 8,000,000,000 dollars that day.

Some interpret the large trading volumes accompanying the recent correction as a possible short-term capitulation. According to Glassnode, realized losses that day exceeded 4,000,000,000 dollars, the largest since the 2023 Silicon Valley Bank (SVB) crisis.

Bitcoin is currently trading around 84,000 dollars, and the market is watching whether a short-term bottom is forming.