Artem Voloskovets
⬤ The Coinbase Premium essentially tells us whether Bitcoin costs more or less on Coinbase compared to other major exchanges worldwide. When it dips below zero like this, it means American buyers aren't as eager as traders elsewhere. The chart paints a clear picture: red bars are piling up after Bitcoin's recent price drop, and US spot activity hasn't bounced back even though BTC is trying to recover from its lows.
⬤ Looking at the bigger picture, the premium has been underwater for most of the past few weeks. It's been consistently negative during periods when Bitcoin's upside attempts fizzled out. This latest dip shows that Coinbase buyers are still sitting on their hands, creating a noticeable gap between US and global spot pricing.
⬤ Here's why this matters: Bitcoin's strongest rallies typically happen when the Coinbase Premium is positive, signaling strong US participation. As one analyst noted, "The premium dipped below zero after briefly stabilizing, with the chart showing BTC trading near 86,700." If the indicator stays negative, it could dampen near-term momentum and make traders think twice about how solid any recovery really is.
Artem Voloskovets
