Bitcoin Faces Weak US Demand as the Coinbase Premium Index Stays Negative for 51 Days

TL;DR

• Bitcoin’s Coinbase Premium Index has remained negative for 51 consecutive days, indicating weaker relative buying pressure on Coinbase compared with Binance.
• The latest reading stands at -0.10%, improving slightly from the 30-day average of -0.14%, according to CoinGlass.
• US spot Bitcoin ETFs recorded approximately $1.44 billion in withdrawals across five consecutive sessions, although cumulative inflows remain positive since their 2024 launch.
  

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Bitcoin continues facing signs of weaker buying activity in the United States as the Coinbase Premium Index remains below zero for more than seven weeks. According to CoinGlass, the negative streak began on September 23, suggesting that BTC has consistently traded at a discount on Coinbase compared with Binance.

The latest reading reached -0.10%, while Bitcoin’s 30-day average premium stands at -0.14%. Although the indicator shows a prolonged period of weaker US demand, its recent improvement suggests that the price difference between exchanges has started to narrow.

Bitcoin on the day of this storysnapshot 13 Nov 2026

Price at publication

$67,969

23:30 UTC

Past 7 days

−10.4%

from $75,850

All-time high

−46.1%

$126,080 · Oct 2025

Data: CoinGeckoLive Bitcoin price →

Bitcoin Coinbase Premium Signals Persistent Weak US Buying Pressure

The Coinbase Premium Index compares Bitcoin’s price on Coinbase’s BTC-USD trading pair with its price on Binance’s BTC-USDT market. Analysts use this metric to evaluate relative buying and selling pressure between US-based trading activity and broader international markets.

CoinGlass data also places the annual average premium at -0.06%, meaning the latest reading remains below its longer-term reference level. Meanwhile, the one-year Z-score stands at -0.95, which the platform classifies within its normal statistical range. These figures indicate persistent weakness without showing an unusually extreme statistical reading.

These figures offer an important distinction. A negative premium does not automatically mean institutional investors are selling their Bitcoin holdings. Instead, it indicates that buyers on Coinbase are paying slightly less than participants on Binance at the measured moment.

US spot Bitcoin ETFs provide another perspective on investor demand. According to SoSoValue figures reported on November 11, these investment products experienced five consecutive sessions of withdrawals, totaling approximately $1.44 billion.

Derivatives Activity Adds Another Challenge For Bitcoin Bulls

Bitfinex analysts have also identified weak spot buying alongside increasing futures exposure. Between November 8 and November 11, Bitcoin futures open interest climbed 3.3% to 701,900 BTC, even as the asset’s price declined 2.6%.

The analysts also reported approximately $729 million in liquidations following the latest US inflation data. Despite this activity, open interest decreased only 0.2%, suggesting traders continued opening new positions.

Meanwhile, CoinShares managing director Marc des Ligneris pointed to defensive positioning in Bitcoin options. Rising options skew indicates that investors are paying more for downside protection through put contracts.