US spot buyers went quiet, and one gauge shows it.
The tape (Binance spot, pulled 14:17 UTC Oct 30):
BTC 76,755.7, down 4.6% in 24h
24h range 76,500 to 81,971
76,500 is also the 30-day low (30-day high 87,220)
Oct 1 open was 83,624, so BTC is down about 8% on the month
Hyperliquid BTC funding at base rate, OI 40,545 BTC vs 43,525 a day ago: leverage flushed, not rebuilt
News context from TradeAssi briefs:
https://tradeassi.com/en/news/41b9cc18-6d15-4a76-b336-5d09c8ff100e
https://tradeassi.com/en/news/364fd264-d3a4-47b6-b022-87cd3befbbba
https://tradeassi.com/en/news/f0cb6124-148c-4f49-8778-37a8bd9d8303
What the briefs say: the Coinbase Premium dropped to a four-year low, a level last seen right after the FTX collapse in Nov 2022, and liquidations jumped to 1.57B as BTC and ETH slid on the Binance security headlines.
Background: CryptoQuant data has the index at about -0.27% on Oct 29. CEO Ki Young Ju called the mood "bearish enough to be bullish".
My take: a deep negative premium means US buyers on Coinbase are paying less than the global USDT market. That fits a week with the Fed on hold on Wednesday and a big exchange incident. The Nov 2022 reading came near a cycle low, but one indicator is not a bottom call.
What would change my mind: the premium climbing back toward zero while BTC holds 76,500.
Reference levels only, not a plan:
Below: 76,500 (24h and 30-day low)
Above: 78,800 (today's high), then 81,971 (24h high)
I keep TradeAssi price alerts on BTC at 76,500 and 78,800 so I am not glued to the chart.
Contrarian signal or more US selling ahead?
Not financial advice. DYOR.
#BTC #Bitcoin #CoinbasePremium #CryptoMarket #Liquidations