The latest on-chain data paints a cautious picture for Bitcoin, as US investors appear increasingly pessimistic about the digital asset market. This sentiment is underscored by the Coinbase Premium Gap entering a "deep red" zone, signaling significant selling pressure from institutional players.
Bitcoin's US Market Woes Deepen
After a historically bullish October concluded with Bitcoin seeing its first monthly loss in seven years, spurred in part by new trade tariffs on China, the cryptocurrency market has struggled to rebound. While trade tensions between the US and China have reportedly eased, this relief hasn't translated into renewed optimism for Bitcoin. On-chain analysis by crypto analyst Maartunn reveals exceptionally low demand in the US, with the Coinbase Premium Gap—the difference between Bitcoin's price on Coinbase (USD pair) and Binance (USDT pair)—plunging to around -$80. A positive gap typically indicates aggressive buying by US investors, while a negative one signifies heavy selling pressure, particularly from institutional entities. This bearish indicator coincides with substantial outflows from US-based spot Bitcoin Exchange-Traded Funds (ETFs). Recent data from SoSoValue shows over $191 million in net outflows on Friday alone, marking the third consecutive day of negative flows. This follows withdrawals of nearly $500 million each on Wednesday and Thursday. Historically, a negative Coinbase Premium Gap often precedes or accompanies periods of market stagnation or downturn for BTC. Given the current intense selling from large US investors and the sustained ETF outflows, a strong recovery for the premier cryptocurrency in the immediate future seems challenging.
Current Bitcoin Price Overview
As of the latest update, Bitcoin (BTC) is trading just above $110,200, having registered a modest 0.9% increase over the past 24 hours. However, this slight uptick comes amidst a broader weekly decline, with the cryptocurrency down exactly 1% over the last seven days, according to CoinGecko data. This tepid performance further highlights the ongoing struggle to overcome the prevailing negative market sentiment.
