Bitcoin The sharp rebound from last week’s slide toward $60,000 was accompanied by a subtle but important shift in a closely watched gauge of U.S. demand.
The Coinbase Bitcoin Premium Index – which tracks the price gap between bitcoin traded on Coinbase and the global market average – climbed sharply from deeply negative territory, from around -0.22% at the height of the sell-off to around -0.05% on Tuesday.
Although the index remains below zero, the rebound suggests that U.S.-based investors stepped in to buy the dip as forced selling pressure eased.
Coinbase is widely considered a proxy for institutional and dollar-based flows. A very negative premium generally indicates that U.S. investors are selling aggressively or staying away altogether. The move back toward neutral indicates that some buyers found value at lower levels, especially as bitcoin stabilized after its fastest decline since the 2022 FTX collapse.
Yet the premium has not turned positive, a threshold that historically coincides with sustained accumulation and renewed risk appetite among U.S. funds. Instead, the current trend speaks to selective buying rather than a broader conviction.
Data on market structure support this cautious interpretation. According to Kaiko, overall trading volumes on major exchanges remain well below late 2025 peaks, with spot activity showing signs of gradual attrition rather than a decisive increase in demand.
Low liquidity means prices can rebound sharply once the sell-off peters out, but also leaves the market vulnerable to further decline if buyers fail to follow through.
Bitcoin is currently trading at just under $70,000 after recovering more than 15% from its intraday low, although it remains down more than 10% for the week.
