Bitcoin Coinbase Premium Turns Red: Bearish Signal?

Data from CryptoQuant shows the Bitcoin Coinbase Premium Gap has flipped into negative territory after nine days, indicating Coinbase prices are now weaker relative to Binance — a potential bearish signal if sustained, since U.S. institutional buying on Coinbase has been linked to upward pressure. Despite the indicator’s decline, BTC recently pushed past $76,000 (briefly approaching $77,000) and triggered large short liquidations. The move wiped out roughly $209M in bearish BTC bets in the past 24 hours and over $456M across crypto derivatives, underscoring strong speculative momentum even as on-exchange premium dynamics warrant caution.