Coinbase 'Negative Premium' at Widest Level since Q1, Signalling Weak U.S. Demand

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email 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 By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . The move comes as bitcoin BTC $ 84,041.63 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 F arside 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 r ealized 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 Premium Bitcoin News Bitcoin ETF market analysis Top Stories More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus 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 By Omkar Godbole , AI Boost 11 hours ago 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 UK Crime Network, Worth Billions, Used Crypto to Funnel Drug Cash to Russia, NCA Says 20 minutes ago Aerodrome Finance Hit by 'Front-End' Attack, Users Urged to Avoid Main Domain 23 minutes ago Turning ‘$11K to Half a Billion Dollars From Trading Memecoins’: Tales From a Crypto Wealth Manager 52 minutes ago Bitcoin Treasuries to Move Beyond HODL to Yield, Hedging and Share Buybacks as NAV Discount Bites 2 hours ago Bitcoin Greed & Fear Index Shows Extreme Pessimism, Tactical Bottom May Be Near: Analyst 11 hours ago Grayscale's DOGE, XRP ETFs to Go Live on NYSE Monday 21 hours ago Top Stories Grayscale's DOGE, XRP ETFs to Go Live on NYSE Monday 21 hours ago Michael Saylor Speaks Out Again as MSCI Concerns Mount 23 hours ago BitMine Immersion Sitting on $4B Loss on Ether Bet as Analyst Warns of Structural issues 21 hours ago Bitcoin Bounces Above $84K as Fed's Williams Puts December Rate Cut Back on Table Nov 21, 2025 Coinbase to Snap Up Solana-Based DEX Vector as Acquisition Spree Continues Nov 21, 2025 U.S. House Bill Would Allow Federal Taxes in BTC While Aiding U.S. Reserve 23 hours ago In this article BTC BTC $ 84,041.63 ◢ 1.36 %