📉 Bitcoin Slides From $126K to $82.5K — But Rising ETF Inflows Hint at a Possible Market Bottom

The U.S. premium collapses, volatility spikes, and yet Wall Street money is quietly flowing back in.

Bitcoin has just survived one of its harshest drawdowns of the year, tumbling from its October high of $126,199 to a low of $82,500. This crash synced with the Coinbase Bitcoin Premium Index plunging to its lowest level since early 2025 — a clear signal that U.S. buying demand dried up.

But in an unexpected twist, spot Bitcoin ETFs saw $238.4 million of inflows on November 21 alone. Big money is stepping back in — even as retail panic remains elevated. 👀

🇺🇸 Coinbase Premium Turns Negative — U.S. Traders Step Back

The Coinbase Premium Index compares Bitcoin’s price on Coinbase to other exchanges. When it's positive → U.S. investors are aggressively buying. When it's negative → U.S. demand is weak, and selling pressure dominates.

Right now? The premium is deeply negative.

That means BTC has been cheaper on Coinbase than on global platforms, showing that U.S.-based traders have been hitting the sell button harder than buyers can absorb.

This trend began in early October after a massive liquidation cascade — and the market still hasn’t fully recovered its U.S. demand.

📉 A Brutal Correction Shakes the Market

The broader environment hasn’t helped: Bitcoin’s drop reflects institutional retrenchment, risk-off sentiment, and aggressive unwinding of leveraged positions.

Volatility is back. Liquidity is thinner. Fear is rising. The perfect setup for a local capitulation.

💰 But ETF Inflows Tell a Different Story

Despite the negative Coinbase premium, the ETF data paints a more optimistic picture.

On November 21, spot Bitcoin ETFs recorded $238.4M in net inflows — one of the strongest days of the month.

ETF inflows often represent:

• 🏦 institutional accumulation
• 🧘‍♂️ long-term positioning
• 📈 buying-the-dip behavior

Combined with high spot trading volumes, analysts believe Bitcoin may have found a capitulation floor around ~$80,000.

🧠 Mixed Signals: Stress vs. Confidence

Market analysts say we're seeing a rare split:

• ⚠️ Negative Coinbase premium → U.S. traders are cautious
• 💵 Strong ETF inflows → institutions are buying weakness
• 📊 High volume → market participants are actively repositioning

“The market may have found a temporary bottom,” one crypto strategist said. “ETF inflows show institutional and retail interest returning, which could stabilize prices in the short term.”

In other words: Retail is scared. Institutions are shopping. 🛒

⚠️ TL;DR

Bitcoin crashed from $126K to $82.5K, with the Coinbase premium turning negative — a sign of weak U.S. demand. But ETF inflows of $238M suggest institutional buyers are stepping in, hinting that BTC may have reached a temporary bottom around the $80K level. Mixed signals dominate: stress on Coinbase, confidence in ETFs — the market is at an inflection point.