Bitcoin Coinbase Premium turns negative as BTC price drops, weekly losses top $829M
Bitcoin's Coinbase Premium Index turned negative for the first time in three weeks, signaling weakening US spot demand as BTC price drops. Weekly realized losses reached $829 million, with only 64% of supply in profit, indicating reduced investor conviction. Binance sell volumes hit $828 million, marking capitulation levels last seen in March before Bitcoin's 15% recovery.
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