Overview
- CryptoQuant data showed the Coinbase premium fell to about -0.0983% on May 21, meaning Bitcoin traded slightly cheaper on Coinbase than on Binance and signaling localized U.S. selling pressure.
- CoinGlass data reported roughly $1.3 billion of net outflows from U.S. spot Bitcoin ETFs since May 14, which analysts say reflects weak institutional spot demand.
- Bitfinex analysts noted open interest dropped by about $1.5 billion this week, cutting much of the leverage that had supported the recent rally.
- The combined signals helped turn a brief rebound toward roughly $78,000 into a pullback to the mid-to-high $77,000s, with prices reported near $77,300–$77,532.
- Because Coinbase serves many U.S. institutions and ETF custody, the premium is used as a proxy for American appetite, so sustained negative readings could keep bids thin until institutions resume net buying.