The Coinbase Premium Index, a key metric tracking the price difference for Bitcoin on the U.S.-based Coinbase exchange versus global platforms like Binance, has turned negative this week. This signals a significant cooling of spot demand from U.S. institutional and strategic investors, who had previously driven a premium with their large-scale, compliance-focused buying.
Concurrently, Bitcoin's price has retraced for three consecutive days, slipping below $66,000 after a failed push above the $70,000 resistance level. On-chain data from CryptoQuant and Hyblock Capital reveals a market dominated by selling pressure. The Cumulative Volume Delta (CVD) on Binance has extended to -$5.7 billion, indicating persistent net selling, likely led by spot-driven sell orders. Furthermore, the 30-day cumulative new money flow has flipped negative to approximately -$2.8 billion, with recent daily readings around -$239 million, showing a lack of fresh capital inflows during the price drop.
Aggregated open interest has also declined from $20 billion to $17.6 billion, suggesting traders are unwinding leveraged long positions rather than building new exposure. The "young supply" metric, tracking recently moved coins, has cooled to around 13%, reflecting reduced speculative trading activity. These factors collectively paint a picture of muted participation from key U.S. buyers and sustained selling pressure, challenging Bitcoin's near-term market structure as it contends with the crucial $73,000 resistance level from 2024.
