Bitcoin is showing a danger signal! Selling pressure in the US market is even stronger than at previous BTC lows! I think all Bitcoin investors should take a look at this chart. Coinbase Premium has fallen to approximately -0.187%! This is even more negative than when Bitcoin bottomed out around $60,000 in June and July of this year! What does this mean? Coinbase Premium measures the price difference of Bitcoin between Coinbase and other trading markets. When the premium remains negative, it means that the BTC price on Coinbase is relatively low, usually reflecting relatively weak buying pressure during US trading hours or in the US dollar market. Most notably, there is a significant divergence between the current price and funding signals! Back then, when BTC was around $60,000, Coinbase Premium turned sharply negative. Bitcoin is still hovering around $80,000, but Coinbase Premium has once again plummeted into extreme negative territory! The price hasn't yet returned to its previous lows, but relative demand in the US market has clearly deteriorated. This is a warning sign that cannot be ignored. However, there's a crucial concept here: A sharp turn for the worse in Coinbase Premium doesn't necessarily prove that US institutions are frantically selling. This is because it reflects the relative price differences between exchanges, making it impossible to identify the sellers individually or directly calculate how much BTC institutions have actually sold. Furthermore, reviewing the charts reveals that: In the past, when Coinbase Premium fell into extreme negative territory, it also coincided with periods approaching Bitcoin's cyclical lows. Therefore, an extreme negative premium could be a warning sign that selling pressure hasn't ended, or it could be a signal that market panic is nearing its limit! Going forward, my primary focus isn't simply speculating how much further BTC will fall. But rather: Can Coinbase Premium recover from its extreme negative territory? Have US spot ETFs seen a return to net inflows? Can Bitcoin find clear support at key support levels? If the price holds support and Coinbase Premium starts to recover, that would be the bullish confirmation signal I'd prefer to see. What's truly worrying isn't a price drop, but rather that the price is holding while underlying demand for funds continues to deteriorate. But don't forget: Sometimes the best buying opportunities in the market occur precisely when the data is at its worst. Is this the beginning of continued selling pressure in the US market, or is the next bottom forming? I will continue to observe. Take responsibility for your analysis with your position size.