Bitcoin's Coinbase Premium Index fell to −0.27% on October 29, its most negative reading in four years and the lowest level since the market was dealing with the collapse of FTX in November 2022. The index measures the percentage difference between Bitcoin's BTC/USD price on Coinbase and its BTC/USDT price on Binance; a negative reading means Bitcoin is trading at a relative discount on Coinbase. With Bitcoin near $77,000, the reading represents an approximate nominal gap of $209 per BTC before accounting for differences between the U.S. dollar and USDT. The decline points to weaker relative spot-buying interest or heavier selling pressure on Coinbase, a major U.S.-focused trading venue, and may reflect broader caution across crypto markets. The reading's similarity to the FTX-era extreme does not establish another FTX-scale collapse. Bitcoin later recovered sharply after the 2022 crisis, but a comparable rebound is not assured. CryptoQuant Chief Executive Officer Ki Young Ju previously described the four-year low as a possible bullish signal amid extreme pessimism. Market participants are watching whether the negative premium persists, while regulatory developments, major industry announcements, Ethereum ETF flows and technological upgrades could affect sentiment. Current pricing implies only a 1% probability that Ethereum reaches $10,000 by the end of 2026.