A clear signal of waning demand and interest in crypto in the United States is the Coinbase premium, which has been negative for the past week, according to Coinglass. It was also negative for almost all of November.
The Coinbase premium is the price difference between Bitcoin or other crypto assets trading on the US-based exchange compared to other major alternatives, particularly those popular in Asia, like Binance.
“That usually signals US spot demand is lagging the rest of the market,” observed analyst ‘Kyledoops’ on Sunday.
“Less aggressive institutional buying, softer risk appetite, and capital staying cautious. Not panic, but a clear sign US flows haven’t stepped back in yet.”
America Selling, Asia Buying
The Coinbase premium acts as a sentiment indicator for institutional and retail demand in different regions. When it is positive, it signals strong buying pressure from US investors, often indicating institutional interest since Coinbase is heavily used by American institutions.
The Coinbase $BTC premium has stayed negative for 7 straight days, now around -0.04% per Coinglass.
That usually signals U.S. spot demand is lagging the rest of the market.
Less aggressive institutional buying, softer risk appetite, and capital staying cautious.
Not panic, but… pic.twitter.com/HtjNSorO1I
— Kyledoops (@kyledoops) December 21, 2025
A negative Coinbase premium typically indicates weakening US demand as American investors are selling or showing less buying interest compared to other regions. It can also signal institutional hesitation since the exchange is a proxy for institutional activity, meaning institutions may be reducing exposure or staying on the sidelines, which is bearish overall.
Year-end dynamics are also at play as institutions are rebalancing portfolios, taking profits, and engaging in tax-loss harvesting as the fiscal year closes. This is actually fairly typical for December, though the magnitude this year is more pronounced. The opposite appears to be happening in Asia, which is seeing more buying pressure.
“The US and the EU are selling Bitcoin like there’s no tomorrow… but Asia is buying,” observed analyst ‘No Limit.’
They shared a chart showing that Asian traders are aggressively buying during their sessions, treating price dips as buying opportunities, while the opposite is happening in the US.
Historical Patterns Repeating
However, this isn’t new, as the same dynamic appeared in 2019, in March 2020, and in late 2022, the analyst noted. In previous cycles, Western selling was followed by Asian accumulation, and the price eventually followed Asia’s lead upward.
Additionally, over the past couple of weeks, frequent liquidation events have caused crypto market dumps in late trading in the US on Sunday, and accumulation followed in Asia during the Monday morning trading session.
“Same story every time. The West sells first, Asia accumulates quietly, and the price eventually follows Asia.”
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