The Coinbase Premium Gap — the price difference between Coinbase’s BTC/USD pair and Binance’s BTC/USDT pair — has fallen to its lowest level in over a year, signaling weaker relative demand on Coinbase-linked venues commonly associated with institutional trading.
CryptoQuant analyst Darkfost said the negative gap means Bitcoin on Coinbase Advanced Trade (used by professionals, institutions and high-net-worth accounts) is trading below Binance, which is more retail-focused. “The selling pressure is intensifying on the institutional side,” Darkfost added, noting institutional players are pushing the price lower and creating the negative gap.
CryptoQuant shows the Coinbase Premium Gap at -167.8, its lowest since December 2024. The platform said a declining premium indicates whales are selling at lower premiums and that investor interest and activity on Coinbase are waning. The gap has trended down since the mid-October market downturn and accelerated over the past week. The analyst described the current environment as extremely challenging and uncertain, suppressing risk-taking and significant BTC investments.
Onchain analytics from CryptoQuant also noted that institutional demand has “reversed materially.” US spot Bitcoin ETFs, which bought more than 46,000 BTC around this time last year, are net sellers in 2026 — offloading about 10,600 BTC so far. That creates an approximate 56,000 BTC demand gap versus 2025 and contributes to ongoing selling pressure.
Over the past week, spot Bitcoin ETFs registered about $1.2 billion in outflows, and Bitcoin slid to a 15-month low below $71,000.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy
