Analytics firm CryptoQuant has reported that U.S. Bitcoin investors have been the main sellers during the recent market decline. In a series of posts on X, the firm highlighted key data pointing to a U.S.-led selloff.
One important indicator is the “Coinbase Premium Gap,” which measures the price difference for Bitcoin between Coinbase (traded in USD) and Binance (traded in USDT). The 30-hour moving average of this metric has recently dropped into negative territory. A negative premium means Bitcoin is trading lower on Coinbase than on Binance. Since Coinbase is popular with U.S. investors, especially large institutions, while Binance serves a global audience, this suggests that American investors are selling more aggressively. CryptoQuant noted, “The Coinbase Premium Gap dropped as low as -$90, indicating strong U.S. selling pressure.”
Another metric, cumulative returns by trading session, also shows heightened selling from the U.S. Over the past month, European and Asia-Pacific trading hours saw nearly neutral returns for Bitcoin, while the American session recorded significant losses.
Institutional investment in Bitcoin through spot ETFs—which hold Bitcoin and let investors track its price without owning it directly—has also seen outflows. These funds have experienced net withdrawals for three consecutive weeks, reversing the trend from late last year when 194,000 BTC flowed into them. So far in the fourth quarter of 2025, 8,000 BTC has been withdrawn. CryptoQuant observed, “ETF outflows continue to weigh on the BTC spot market.”
Looking ahead, the cost basis for spot ETFs, at $86,566, is a key level to watch. If Bitcoin falls below this price, the ETFs’ holdings would be at a loss.
Currently, Bitcoin is trading around $92,000, down over 10% in the past week.
Frequently Asked Questions
Of course Here is a list of helpful and clear FAQs about the topic US Selling Drives Bitcoin Downturn According to CryptoQuant Data
BeginnerLevel Questions
1 What does US Selling Drives Bitcoin Downturn mean
It means that data from a company called CryptoQuant suggests a major reason the price of Bitcoin is falling is because investors in the United States are selling a large amount of their Bitcoin
2 What is CryptoQuant
CryptoQuant is a data analytics company that tracks onchain data which is public information from the Bitcoin blockchain They analyze this data to understand what different groups of investors are doing
3 How can they tell that US investors are selling
They track the flow of Bitcoin to and from known exchange wallets particularly major USbased exchanges like Coinbase A large and sustained movement of Bitcoin to these exchanges is a strong signal that investors are preparing to sell
4 Why would US investors selling affect the price so much
US investors and institutions hold a significant amount of Bitcoin When a large group like this sells all at once it creates a surplus of Bitcoin on the market According to basic supply and demand when supply is higher than demand the price goes down
Intermediate Advanced Questions
5 What specific data from CryptoQuant points to US selling
Key metrics include
Coinbase Outflow Large amounts of Bitcoin being moved from Coinbases main cold wallets to their hot wallets for trading This is often a precursor to selling
Exchange Netflow A positive netflow for US exchanges indicates investors are depositing coins to sell
EntityAdjusted Flows This groups wallets by owner helping to distinguish individual selling from largescale institutional selling
6 Is this just normal profittaking or a sign of a bigger problem
It can be both Some selling is normal after a price increase However the data from CryptoQuant suggests the scale of the selling from the US is large enough to be a primary driver of a sustained downturn which could indicate a broader loss of confidence or reaction to US economic policy
7 What might be causing US investors to sell
Common reasons include