The price of Bitcoin on Coinbase has been consistently lower than on Binance for more than a month, revealing ongoing pressure from big players in the crypto market. This trend, tracked by the Coinbase Bitcoin Premium Index, has remained negative for 40 days straight, a sign that professional traders are offloading rather than accumulating Bitcoin.
This index compares Coinbase, favored by institutional investors, with Binance, which serves more retail traders. When Coinbase's price dips below Binance’s, it usually indicates that large investors are selling Bitcoin aggressively. Recent analyses confirm that this selling behavior has not eased but intensified, reflecting cautious sentiment among those who manage larger sums.
Adding to the pressure is economic data showing stronger-than-expected inflation and growth in the U.S., which reduces optimism about interest rate cuts. The Personal Consumption Expenditures report and GDP growth figures suggest the Federal Reserve may hold interest rates high for longer, or even increase them again if inflation doesn’t ease. This environment has made many investors hesitant to buy risk assets like Bitcoin.
Meanwhile, on-chain data reveals Bitcoin demand has stayed negative for over 200 days, showing a long stretch where more old coins are circulating in the market than new ones mined. This indicates steady selling rather than accumulation, with the net outflow of coins ranging between zero and minus 150,000 BTC for more than half a year.
Bitcoin’s struggle to attract buyers despite active futures trading points to a complex market dynamic where spot demand remains weak. This aligns with the cautious mood driven by macroeconomic factors and sustained institutional selling pressure.
