Bitcoin Trades at a Discount on Coinbase for 50 Consecutive Days

According to CoinGlass, the Coinbase Bitcoin Premium index remained negative for 50 consecutive days as of November 11, 2026. At the time of publication, its value was around −0.13%, with a 30-day average of −0.15%. The prolonged discount coincided with Bitcoin's decline to $73,000–74,000 and outflows from American spot exchange-traded funds (ETFs).

What a Negative Coinbase Premium Means

The index compares the price of Bitcoin (BTC) paired with the dollar on the American Coinbase and the BTC to USDT quote on Binance. A negative value indicates that on Coinbase, the coin is cheaper than on the other platform. This disparity may suggest relatively weak demand or more active selling on Coinbase, but it does not reveal the identity of the transaction participants.

The duration of the negative series is more important than a single day's index change. The index is influenced by arbitrage, platform liquidity, and large client transactions outside the public order book. Therefore, one cannot conclude a mass exit of American institutional investors based solely on the Coinbase Premium index.

Outflow from Bitcoin ETFs Reached $1.88 Billion

According to Farside Investors statistics, from November 2 to 11, American spot Bitcoin-ETF recorded a total net outflow of about $1.88 billion. On November 11, investors withdrew $299.8 million from the funds, including $269.7 million from BlackRock's IBIT and $39.1 million from Grayscale's GBTC. In contrast, Morgan Stanley's MSBT fund attracted about $9 million.

Despite the November decline, since the launch of American spot Bitcoin ETFs in January 2024, their total net inflow remained positive at about $55.2 billion. The outflow and negative Coinbase premium indicate a weakening demand in certain segments of the U.S. market, but they do not alone determine the future direction of Bitcoin's price.