BTC Premium Index Remains Negative for 46 Consecutive Days【MEXC Alpha Trader – Daily Market Brief (November 9, 2026)】

I. Macro & Market Sentiment

· Market Data: BTC $75,102.00 (-0.73%)｜ETH $2,141.07 (-4.07%)｜SOL $87.71 (-1.48%)

· Market Sentiment: Funding Rate +0.0100%｜Fear & Greed Index 29 (Fear)

· Data Preview: U.S. CPI for October will be released on November 10 at 21:30 Beijing time. ING expects both headline and core CPI to rise 0.3% month over month. Further Reading

II. Trading Signals / Hot Topics

· [Today's Focus] BTC｜Coinbase Premium Remains Negative, Signaling Weaker Relative Demand on the Platform

BTC is the primary liquidity anchor for the crypto market. The Coinbase Premium Index stood at -0.15% on November 8, marking 46 consecutive days in negative territory.

Interpretation: The price gap reflects relative supply and demand across platforms; a negative premium alone does not establish that institutional funds are flowing out.

Further Reading: 1

· [U.S. Stocks Focus] Nasdaq 100｜Concentrated Leveraged ETF Selling Amplifies Volatility

The Nasdaq 100, a bellwether for technology stocks, fell 6.4% on November 5. Morgan Stanley said leveraged ETFs generated $57 billion in selling supply that day.

Interpretation: Rebalancing by leveraged products can amplify selling pressure, but the scale of selling does not equate to a change in fundamentals.

Further Reading: 1

· [On-Chain] ETH｜Vitalik Revisits Sources of Value, Downplays Fee Burns in Valuation

Vitalik said ETH, as the asset underpinning the value of an on-chain settlement layer, should focus on storing value rather than relying on fee burns for its valuation. He also advocated retaining the EIP-1559 mechanism.

Interpretation: Burn volumes are tied to how the network is used, and historically high burn levels alone are unlikely to provide a reliable valuation floor.

Further Reading: 1

III. Regulation & Major Events

· U.S. Congress｜After taking control of both chambers, Democrats plan to investigate Trump-linked crypto businesses, while comprehensive crypto legislation faces greater obstacles. Further Reading

· South Korea｜A draft digital asset law is expected to be proposed this month, with a proposed cap of 15% to 20% on ownership by any single shareholder in a trading platform. Further Reading

· Binance｜Elliptic said a hacker-linked address transferred approximately $51 million in XRP, most of which was exchanged for BTC through THORChain. Further Reading

· Keplr｜A Web3Auth vulnerability exposed the private keys of some users who logged in through Google or Apple. Accounts using seed phrases or hardware wallets were unaffected. Further Reading

IV. Platform-Exclusive Benefits

· Battle of the Brave V15 (Futures)

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Recommended Reading: MEXC On-Chain Daily Report: Citi Wealth Promotes Spot Bitcoin ETFs — Will Institutional Allocation Accelerate?

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