Bitcoin News Today: U.S. Institutional Exodus Pushes Bitcoin Premium Into 25-Day Negative Streak

The Coinbase Bitcoin Premium Index has entered an unprecedented 25-day negative streak, currently trading at -0.0509% as of November 2025, signaling sustained selling pressure in the U.S. market and raising concerns about institutional and ETF outflows. This metric, which measures the price divergence between Bitcoin on Coinbase and the global market average, has remained below zero since early November, reflecting weaker demand and a shift in risk appetite among U.S. investors. The index's prolonged negative territory mirrors Bitcoin's price action, which has fallen over 36% from its October peak to around $84,000, marking its worst monthly performance since June 2022.

Inserting a visual representation of the situation, This graphic could help readers better grasp the scale and duration of the negative premium streak.

The negative premium is compounded by record outflows from Bitcoin ETFs, particularly BlackRock's iShares Bitcoin Trust (IBIT), which saw $523 million in single-day withdrawals - the largest since its launch - and over $2.47 billion in November redemptions. These outflows, part of a $3.79 billion monthly exodus from U.S. spot Bitcoin ETFs, have exacerbated downward pressure on the spot market. Analysts attribute the selling to a combination of profit-taking by long-term holders, leveraged positions unwinding, and uncertainty around Federal Reserve rate cuts. "This is tactical rebalancing, not a structural exit from the asset class," said Bitfinex analysts, noting that the ETF channel remains intact despite the drawdown.

Coinbase's struggles extend beyond the premium index. The exchange recently announced the acquisition of Solana-based onchain trading platform Vector to bolster its DEX offerings, aiming to tap into Solana's $1 trillion decentralized exchange volume in 2025. However, the integration comes as Bitcoin's worst month since 2022 unfolds, with Coinbase shares falling 0.6% amid broader market weakness. Meanwhile, BlackRock has deposited $348 million in Bitcoin and $117 million in Ethereum into Coinbase Prime, highlighting continued institutional reliance on the platform despite the outflows.

Market observers remain divided on the implications of the negative premium. Some view the recent $238.4 million inflow into Bitcoin ETFs on November 22 as a potential capitulation event, akin to patterns seen at prior market bottoms. Glassnode data showed $4 billion in realized Bitcoin losses that day - the highest since March 2023 - while open interest in futures contracts surged to 70,000 contracts, indicating growing short positions. Others, however, caution that the premium's recovery to neutral or positive territory is critical for a sustainable reversal. Analyst Giannis noted that until U.S. institutional selling exhausts itself, the downside risks remain, noting that global buyers have yet to absorb the outflows.

The weekend trading pause has offered temporary relief, with the premium showing mean reversion patterns as ETF activity slows. Yet weekday selling pressure quickly reasserts, underscoring the dominance of U.S. institutional flows in shaping Bitcoin's near-term trajectory. With BlackRock's IBIT accounting for $8 billion of Friday's $11.5 billion ETF trading volume, the market's fragility persists.