Bitcoin’s U.S. demand signal flickers back after crash

Bitcoin's sharp rebound from near $60,000 has coincided with a notable improvement in the Coinbase Bitcoin Premium Index, which tracks the price difference between Coinbase and the global average. The index rose from deeply negative territory (-0.22%) to about -0.05%, suggesting U.S.-based investors, often proxied by Coinbase flows, bought the dip as forced selling subsided. However, the premium remains negative, indicating selective buying rather than a full return of risk appetite or sustained accumulation, which historically occurs when the premium turns positive. Market data from Kaiko also shows trading volumes are below late-2025 highs, suggesting thin liquidity makes the market vulnerable to further downside if buying momentum doesn't strengthen. Bitcoin has recovered over 15% from its low but remains down over 10% for the week, trading just under $70,000.

(Source：CoinDesk)