High
The coinbase 'negative premium' reached its widest level since q1, signaling weak u.s. institutional demand for bitcoin. this coincided with btc's worst weekly and monthly performance since march 2023 and june 2022, respectively, with an 11% weekly slide and 23% monthly drop. however, a significant capitulation event might be forming, with record etf trading volume ($11.5 billion) and $238.4 million of inflows on friday, alongside over $4 billion in realized losses.
High
Analysis is based on specific data points like the coinbase bitcoin premium index, farside data for spot etf inflows, bloomberg etf analyst eric balchunas's observations, and glassnode data for realized losses, all from reputable sources.
Neutral
While recent demand has been weak (negative coinbase premium) leading to significant bearish price action, the large etf inflows, record volume, and high realized losses on friday suggest a potential 'capitulation event.' such events often mark a tactical bottom, indicating that while immediate bullish momentum isn't guaranteed, the selling pressure might be exhausting, leading to stabilization or a short-term bounce in the low $80,000 range.