Bitcoin The sharp rebound from last week’s decline towards $60,000 has been accompanied by a subtle but important change in a closely watched indicator of US demand.
The Coinbase Bitcoin Premium Index, which tracks the price difference between bitcoins traded on Coinbase and the global market average, has risen sharply from deeply negative territory, going from around -0.22% at the height of the sell-off to around -0.05% on Tuesday.
While the index remains below zero, the rally suggests that US-based investors stepped in to buy the dip as forced selling pressure eased.
Coinbase is widely viewed as an indicator of institutional and dollar-based flows. A deeply negative premium typically indicates that U.S. investors are either selling aggressively or staying on the sidelines entirely. The return to neutrality indicates that some buyers found value at lower levels, particularly as bitcoin stabilized after its fastest fall since the FTX crash in 2022.
Still, the premium has not turned positive, a threshold that historically coincides with sustained accumulation and renewed risk appetite among US funds. Rather, the current move points to selective buying rather than broader conviction.
Data on market structure support that cautious interpretation. According to Kaiko, aggregate trading volumes on major exchanges remain well below late-2025 highs, with spot activity showing signs of gradual erosion rather than a decisive increase in demand.
Low liquidity means prices can rebound sharply once selling runs out, but it also leaves the market vulnerable to further declines if buyers fail to deliver on their promises.
Bitcoin is currently trading just under $70,000 after recovering more than 15% from its intraday low, although it is still down more than 10% for the week.
