Bitcoin’s latest sharp downturn appears to be driven largely by American investors, according to fresh data from on-chain analytics firm CryptoQuant.
Their figures suggest that selling pressure from the United States has been overwhelming in other regions, contributing significantly to the recent slide in the Bitcoin price.
Coinbase Premium Gap Signals Strong US-Led Selling
One of the most satisfying pointers stressed by CryptoQuant is the Coinbase Premium Gap, a measure that compares Bitcoin’s price on Coinbase, which substantially serves US dealers and institutions, with its price on Binance, a more widely used exchange.
This gap has lately plunged deep into negative territory, suggesting that Bitcoin has been trading at noticeably lower prices on Coinbase than on Binance.
When this happens, it frequently indicates that American investors, especially large-scale players, are dealing more aggressively than dealers abroad.
CryptoQuant noted that the premium gap had fallen dramatically, adding: “The Coinbase Premium Gap dropped as low as -$90, which is a sign of strong U.S. selling pressure.”
American Trading Hours Show Steep Losses
Further evidence of US-driven weakness comes from an analysis of cumulative returns across different global trading sessions.
While both European and Asia-Pacific hours have seen relatively steady and neutral price action over the past month, the American trading session has been marked by steep declines.
This divergence strongly suggests that most of the downward pressure has been concentrated during US market hours, reinforcing the view that American investors are offloading significant volumes of Bitcoin.
ETF Outflows Add to Market Strain
Institutional activity has also contributed to the downturn. CryptoQuant pointed out that Bitcoin spot ETFs, popular vehicles that let investors gain exposure to BTC without holding the asset directly, have recorded three consecutive weeks of net outflows.
This trend is a stark contrast to the final quarter of 2024, when spot ETFs collectively accumulated around 194,000 BTC.
In Q4 2025 so far, the situation has reversed, with 8,000 BTC flowing out instead. As the firm put it: “ETF outflows continue to weigh on the BTC spot market.”
CryptoQuant also noted that the cost basis for these spot ETFs sits at $86,566. If Bitcoin were to drop below this level, ETF positions would slip into unrealised losses, potentially increasing the risk of further selling.
Bitcoin Price Today
At the time of jotting, Bitcoin is trading near $92,000, leaving it further than 10% down over the once week. With US investors continuing to dominate selling exertion, dealers will be watching closely to see whether the downward pressure eases or whether further pain lies ahead for the world’s largest cryptocurrency.
