Negative Coinbase Premium and U.S. ETF outflows signal sustained weak demand for Bitcoin in the world’s largest economy.
Bitcoin’s price on Coinbase has traded below Binance levels for 50 consecutive days, reflecting subdued U.S. demand. The Coinbase Premium, a key indicator, has remained negative since mid-May, contrasting with historical bull runs where it stayed positive.
U.S. spot Bitcoin ETFs have seen net outflows for eight straight weeks, further underscoring weak institutional appetite. Analysts note that sustained inflows into BlackRock’s IBIT ETF are needed to confirm a structural shift in demand. Meanwhile, rising bond yields in Japan and the U.S. add headwinds for risk assets.
Crypto trading firm QCP Capital described the near-term outlook as constructive if ETF inflows resume, following a brief rebound after a week of outflows. However, the lack of a decisive institutional bid keeps sentiment cautious.