Bitcoin (BTC) has spent 90 days with a negative Coinbase Premium, extending a U.S. demand signal that could leave the market more exposed to further selling.
Key Points:
- Bitcoin’s Coinbase Premium Index remained negative for 90 days and stood at minus 0.1066% at the time of the report.
- Bitcoin fell from about $79,000 in May to $62,923.64, while momentum indicators continued to reflect weak conditions.
- Glassnode found that buy-side liquidity below the market had eroded, potentially leaving price more sensitive to renewed selling.
Bitcoin U.S. Demand
Media reported that the Coinbase Bitcoin Premium Index remained negative for three months while Bitcoin struggled to recover the $70,000 level last seen in May. Data from Coinglass put the index at minus 0.1066% at the time of the report.
The index compares Bitcoin prices on Coinbase and Binance, so a negative reading means the asset is trading at a discount on Coinbase relative to Binance, pointing to weaker U.S. spot demand.
Bitcoin was trading at $62,923.64 after falling from roughly $79,000 in May, while the relative strength index stayed mostly below neutral during that period. Bollinger Bands also reflected persistent volatility. The weakness continued even though whale wallets had accumulated another 54,000 Bitcoin since mid-June, according to data cited by AMBCrypto.
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Bitcoin Downside Risk
The prolonged Coinbase discount does not by itself confirm a bear market or an institutional retreat, but it adds to evidence that American spot buyers have not provided enough demand to reverse the decline. Price momentum has remained weak alongside that signal.
Glassnode also found that buy-side support below Bitcoin’s market price was eroding after a larger concentration of bids had been visible earlier, particularly in June.
Those orders had helped create a liquidity buffer by giving sellers more potential buyers if the price moved lower. That cushion has since weakened.
With fewer bids directly below the market, stronger selling could move Bitcoin lower more quickly than it would in a deeper order book. The data does not establish that a crash is imminent. It instead suggests that downside moves may face less resistance.
The current setup follows a decline from about $79,000 in May to nearly $63,000, despite subsequent whale accumulation and repeated attempts to recover higher levels. Bitcoin’s inability to regain $70,000 during that stretch shows how sustained spot demand, rather than large-wallet buying alone, has remained central to the recovery case.
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