[Wall Street Liquidity Radar] Coinbase Bitcoin net outflow widens again · Premium declines... indicating a lack of confidence among institutional buyers

Coinbase recovers from net outflows and weak premiums, with trading volume surging simultaneously, indicating that the supply and demand of Bitcoin originating from the United States have entered an adjustment phase.

According to CryptoQuant data, on December 30 (UTC standard, not yet final), Coinbase Bitcoin net fund flow recorded a net outflow of -957.74 BTC.

Especially after a sharp net outflow exceeding -7000 BTC on December 23, the scale of fund inflows and outflows significantly decreased. On December 24 and 29, there were limited net inflows, but the strength was not enough to trigger a trend reversal. On December 30, net outflows expanded again, confirming a conservative supply and demand trend in the short term. Overall, this is interpreted as a reduction in volatility and an entry into an “adjustment phase” after large-scale fund movements.

Bitcoin exchange net flow (Netflow) - Coinbase Advanced / CryptoQuant

Coinbase premium index recorded -0.1448%. This value further declined from the previous day (-0.0858%), indicating that recent buying pressure from the US has weakened significantly, while selling pressure is gaining strength.

Looking at the recent week’s trend: ▲December 23 -0.0648% ▲December 24 -0.0689% ▲December 26 -0.0842% ▲December 27 -0.0785% ▲December 28 -0.0858% ▲December 29 -0.1448%. The premium remained in negative territory throughout the period, with a notable decline on December 29, making the negative price spread more significant.

This suggests that the buying interest from US institutions and spot market fundamentals has not yet fully shifted. The current stage is interpreted as a situation where, despite attempts at a rebound, buyer confidence remains insufficient, and a conservative stance or further adjustment may be considered in the short term.

Bitcoin Coinbase premium index (%) / CryptoQuant

According to Coinigy data, Coinbase Prime’s Bitcoin trading volume was 10,416.12 BTC. This surged approximately +460% from the previous day’s record of 1,859.61 BTC, indicating a significant expansion in daily trading volume.

Compared to the previous day, the sharp increase in trading volume confirms that institutional buying and selling activities are simultaneously active. Notably, on December 29, trading volume increased by over 8,556 BTC compared to December 28, implying that short-term market liquidity is rapidly recovering. During this phase of a substantial short-term volume rebound, price volatility may also increase accordingly. Whether additional trading volume inflows will lead to trend strengthening will be a key variable in judging the short-term direction.

Coinbase Prime trading volume / Coinigy

[Editor’s note] The Wall Street liquidity radar tracks investment sentiment changes by examining Bitcoin supply and demand flows in the US market. Especially through key indicators such as fund outflows and inflows on Coinbase, the premium index, OTC trading volume, etc., used mainly by US institutional investors, it analyzes market participants’ psychology and supply-demand environment. It can serve as a reference for short-term market trend judgment and overall investment temperature.