According to @cas_abbe, the Coinbase BTC premium has been negative for 23 consecutive days and large US entities are offloading at the US market open, source: Cas Abbé on X, Nov 21, 2025. A negative Coinbase premium indicates Coinbase spot pricing below offshore venues and is widely used as a gauge of US selling pressure versus non US flows, source: CryptoQuant Coinbase Premium Index documentation. @cas_abbe links the persistent discount to stress in Japan’s bond market and warns the impact could exceed the August 2024 drawdown, source: Cas Abbé on X, Nov 21, 2025. For trading, this setup favors monitoring Coinbase versus offshore spot spreads around the US cash open and watching for basis dislocations when the premium stays negative, source: CryptoQuant methodology and the source post.