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The indicator last showed a positive reading on Jan. 15. Its inability to completely bounce back after a rebound on Feb. 5 indicates that U.S. demand is likely absent in a structural sense rather than just temporarily halted.
What to know:
- The Coinbase Bitcoin Premium Index has remained negative for 40 consecutive days, marking its longest stretch below zero since 2023, indicating ongoing weakness in U.S. demand.
- Although bitcoin has risen approximately 15 percent from its Feb. 5 low and surpassed $62,000, the premium focused on the U.S. has not rebounded, suggesting that the recent purchasing activity primarily occurred outside American trading hours and platforms.
- The premium has slightly improved from about -0.22 percent to around -0.05 percent, yet it continues to fall short of the positive levels historically linked to sustained accumulation, as U.S. investors exhibit increasing skepticism, evidenced by record domestic Google searches for “bitcoin zero.”
The widely monitored Coinbase Bitcoin Premium Index briefly appeared to be rebounding after the crash on Feb. 5, but that was not the case.
The premium has now been negative for 40 straight days, as reported by Coinglass, marking the longest duration of sub-zero readings since 2023. The current value stands at -0.0467%, showing minimal change from two weeks prior when a significant narrowing from -0.22% indicated U.S. buyers had entered the market near the lows.
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The index gauges the price differential between bitcoin on Coinbase and the global market average. Coinbase is commonly regarded as a benchmark for U.S. institutional and dollar-based flows, thus a continuous negative reading indicates that American investors are consistently paying less than the global average — either by aggressively selling or simply not participating.
The previous record was approximately 30 days of uninterrupted negative premium during the October 2025 downturn. That streak ended when a sudden increase drew U.S. buyers back into the market. This time, the rebound occurred as bitcoin increased by as much as 15% from its Feb. 5 intraday low. However, the premium did not respond in kind.
This disparity illustrates that while the price has recovered, the nature of demand has not changed. Any purchasing activity that lifted bitcoin above $62,000 likely originated outside of U.S. trading hours, outside of Coinbase’s order books, or potentially both.
The one positive observation is that the premium has gradually become less negative since early February, rising from -0.22% toward -0.05%. It is improving, but not swiftly enough to turn positive, a level that historically correlates with prolonged accumulation phases rather than mere relief rallies.
Notably, Google searches for “bitcoin zero” in the U.S. reached all-time highs earlier this month, as reported by CoinDesk, even as global interest in the term remained stable.
Both indications suggest that American investors are losing confidence at a rate that is not reflected elsewhere.
