Bitcoin’s market dynamics have recently experienced fluctuations, marked by a notable drop in its price and a corresponding decline in the Coinbase Bitcoin 
$91,967 Premium Index. This index, which quantifies the price difference of Bitcoin between Coinbase and other exchanges, reached a low not seen since early 2025. These shifts provide insight into underlying market pressures, including decreased institutional demand and increased selling activities within the United States.
Why Is Bitcoin Cheaper on Coinbase?
The index’s negative value indicates that Bitcoin is currently cheaper on Coinbase compared to several other exchanges. Such pricing scenarios point to diminished buying interest from U.S. traders and significant selling pressure. This trend commenced following a major liquidation event that affected the cryptocurrency markets in early October, causing the index to trend continuously downward.
How Has Bitcoin’s Price Been Affected?
Alongside the index’s decline, Bitcoin’s own value has reduced considerably. From a peak of USD $126,199 in October, Bitcoin witnessed a sharp drop, reaching a new low of USD $82,500. However, the price has shown signs of recovery and is currently being supported by inflows into Bitcoin spot ETFs.
What Role Do ETFs Play in This Scenario?
Recent ETF inflows reflect a potential shift in investor sentiment. On November 21, spot Bitcoin ETFs recorded substantial net inflows of USD $238.4 million, marking the highest single-day inflow in a month. Trading volumes also showed robust levels, suggesting renewed interest in Bitcoin.
The impressive inflows and trading volumes have sparked hopes that the market may have reached a capitulation point around the USD $80,000 level. Many analysts see this as an indication that the selling activities that pulled prices down might now stabilize.
Supporting these observations, recent data revealed estimated Bitcoin losses totaling over USD $4 billion, highlighting the extent of market sell-offs. Market observers are now waiting to see if this marks the end of the selling trend.
The future trajectory of Bitcoin remains uncertain, with the possibility of stabilization and eventual recovery if market sentiment continues to improve. The mixed signals from various indices and financial instruments like ETFs present a complex picture that requires cautious optimism for market participants.
