The Coinbase Bitcoin premium has been negative for over 2 months.

There were 1–2 brief flips back to positive and each time, it marked a local top.

That’s not random.

Since 2023, we haven’t seen this kind of sustained negative premium. It suggests that U.S.-based large players have been net sellers, not aggressive buyers.

When Coinbase trades at a discount, it often reflects weaker spot demand relative to offshore markets.

Right now, that imbalance hasn’t stabilized.

But here’s what matters:

When the premium stops making new lows while price is still trending down, that’s usually where bottoms begin forming.

Capitulation first.

Stabilization second.

Reaccumulation last.

Watch the premium. It’s telling a bigger story than price alone. 👀