Suddenly, Bitcoin’s U.S. trading floor is sending one of its sharpest distress signals of the year. And now two premium indicators are plunging so deeply into the red that traders are asking who — or what — is unloading so much BTC. Coinbase Premium Slumps as Analyst Claims 18 Days of Continuous Bitcoin Selling A closely watched Coinbase Bitcoin Premium Index has flipped deep into negative territory as one market commentator claims the U.S. exchange has seen “zero buys” on the gauge for nearly a full day and selling pressure for more than two weeks. In a post on X, the account Against Wall Street urged traders to “take a look at the Coinbase Premium Index 1m chart,” saying the data show uninterrupted selling for 18 straight days and no recorded buy signals in the past 19 hours. The attached chart from Coinglass displays the premium rate in red below the zero line while Bitcoin’s price fluctuates in the mid-$90,000 range. Coinbase Premium Index Chart. Source: Coinglass / X The Coinbase Premium Index tracks whether Bitcoin trades at a higher or lower price on Coinbase compared with other major venues. When the metric turns negative, it suggests weaker spot demand from U.S. buyers relative to offshore markets. Extended negative readings can therefore point to sustained selling or an absence of aggressive dip-buying on the exchange. The post’s author described the pattern as “dumping nonstop” and questioned who might be behind the selling, asking why “they are unloading so much Bitcoin.” However, the tweet did not provide additional on-chain or order-book evidence to identify specific players, and Coinbase has not commented on the claim. Even so, the move in the premium index adds another signal for traders already tracking liquidity conditions across major exchanges. Bitcoin’s Coinbase Premium Gap Drops to Minus $90, Matching Earlier Stress Signal Meanwhile, a key liquidity gauge on CryptoQuant show s Coinbase ’s Bitcoin premium gap sliding to about minus $90, signaling a sharp discount versus other venues. Bitcoin Coinbase Premium Gap Chart. Source: CryptoQuant / X Analyst NekoZ highlighted the reading on X, calling it “a shift in market power” as the U.S. exchange’s spot price trades well below offshore markets. The premium gap tracks the difference between Bitcoin prices on Coinbase and those on other major platforms, offering a window into relative buying or selling pressure. The latest drop marks one of the deepest negative readings of the year. According to NekoZ, the last comparable move came in February 2025, when the premium gap fell to roughly minus $138. At that time, institutional investors were already pulling back, and the discount pointed to weaker demand on Coinbase. The renewed negative gap now adds another data point for traders monitoring whether U.S. spot flows are ceding ground to other exchanges.
