BlockBeats News, November 20th, according to Coinglass data, Coinbase's Bitcoin Premium Index has been in a negative premium for 21 consecutive days, currently at -0.0989%.

BlockBeats Note: The Coinbase Bitcoin Premium Index is used to measure the difference between the Bitcoin price on Coinbase (a major U.S. exchange) and the global market average price. This index is an important indicator for observing U.S. market liquidity, institutional investment interest, and market sentiment changes.

A positive premium indicates that the Coinbase price is higher than the global average, usually indicating: strong buying pressure in the U.S. market, institutional or compliant funds actively entering the market, ample USD liquidity, and a generally optimistic investment sentiment. A negative premium indicates that the Coinbase price is lower than the global average, typically reflecting: significant selling pressure in the U.S. market, a decrease in investor risk appetite, a rise in market hedging sentiment, or capital outflows.

BlockBeats News, November 20, Japanese Bitcoin custodian company Data Accountability Trust (DAT) announced that it plans to issue $150 million worth of Class B Perpetual Preferred Stock, with a fixed dividend rate of 4.9% and a conversion price of 1000 yen, to be used to further accumulate Bitcoin.

BlockBeats News, November 20, Binance Alpha will conduct an airdrop today at 20:00 (UTC+8). Users with at least 240 Alpha points can receive tokens on a first-come, first-served basis until the airdrop pool is fully distributed or the airdrop event ends. More details will be announced soon.

Users please update the App to the latest version (3.4.0 or above) by 8:00 on November 21, 2025 (UTC+8). Old versions will not be able to participate in future Alpha events.

BlockBeats News, November 20th, On-chain data analyst Murphy stated that Bitcoin's PSR (Profit Supply Ratio), used to observe market optimism and fear, has seen its 7-day moving average drop below 70%. Historical experience indicates that during past market cycles shifting from bull to bear, the initial decline often touches this level, followed by a rebound after extreme emotional pressure. Whenever the PSR falls below 50%, it heralds a deep bear market in the long term, while also presenting the highest value for investment, marking the most worthwhile price range to buy.

The current BTC price is holding at $92,000. According to UPPD data, 6.7 million BTC are currently in unrealized losses, accounting for 33% of the total circulation. Assuming that holders of coins bought at a lower price are no longer selling, when the price drops to $59,000, around 9.744 million BTC would be locked in at a loss, at which point the PSR would be around 50%. As the PSR is continuously changing, a static numerical evaluation only represents a rough range. Based on experience, if BTC falls into the $60,000 to $70,000 range, the PSR will likely drop below 50%, indicating an entry into a deep bear market phase.

BlockBeats News, November 20th, at the Saudi Investment Forum, President Trump, in a sarcastic tone, talked about Federal Reserve Chairman Powell with Treasury Secretary Benson, saying: "I mean, Benson, you really need to keep an eye on this guy. Powell must have something wrong with his mind. No, he definitely has some issues. To be honest, I really want to fire him. This guy is totally incompetent, and he should be sued for spending 4 billion dollars on a small building. The interest rates are too high, Benson. If you don't fix this problem soon, I'll fire you, got it?"

US Treasury Secretary Benson had previously advised Trump to let Powell stay in office until the end of his term, while Commerce Secretary Howard Lutnick "leans more towards firing" Powell. Federal Reserve Chairman Powell's term is set to end on May 15, 2026.