The Coinbase Bitcoin Premium Index shows a negative divergence of -0.15%, indicating bitcoin is trading cheaper on Coinbase. U.S. demand weakens amid selling pressure and waning institutional appetite post-crypto liquidation in October.

Bitcoin (BTC) faces its worst week since March, down 11% and briefly dipping below $81,000. November sees 23% losses, the worst monthly performance since June 2022. U.S. spot bitcoin ETFs experience persistent outflows this month.

Bitcoin ETFs saw record outflows of $3.79 billion in November, but Friday broke the streak with $238.4 million inflows, the largest since Nov. 11. BlackRock’s IBIT accounted for $8 billion of the record $11.5 billion traded.

IBIT saw record put volume, possibly indicating a hedge strategy for investors amidst market volatility. Bitcoin’s 36% drawdown from its October high may signal a potential stabilization attempt in the low $80,000 range.

Glassnode data reveals over $4 billion in realized bitcoin losses on Friday, the highest level since March 2023. This data point, along with the recent market events, may suggest a potential capitulation phase.

Read more at Yahoo Finance: Coinbase ‘Negative Premium’ at Widest Level since Q1, Signalling Weak U.S. Demand