Bitcoin Coinbase Premium Turns Negative After 9-Day Rally
Bitcoin's Coinbase Premium Gap has flipped negative, ending a nine-day streak of positive readings. The shift comes as BTC pulled back to ₱4,582,826 ($76,500) after approaching ₱4,612,779 ($77,000), suggesting cooling U.S. institutional demand.
Key Takeaway
Negative Coinbase Premium suggests U.S. institutional buying cooled just as Bitcoin tested $77,000.
The Bitcoin Coinbase Premium Gap turned negative for the first time in nine days, according to CryptoQuant community analyst Maartunn.
The indicator measures the price difference between Bitcoin on Coinbase and Binance. When positive, it shows U.S. traders are applying more buying pressure or less selling pressure than Binance users. Coinbase serves as the primary gateway for American institutional investors, while Binance's BTC/USDT pair reflects broader retail sentiment.
Bitcoin pulled back to ₱4,582,826 ($76,500) in the last 24 hours as the premium gap declined to just below zero. Earlier in the week, the premium had surged to its highest level, correlating with Bitcoin's recovery rally past $76,000 for the first time since February.
The flip mirrors a similar pattern from the second half of March, when Bitcoin experienced a pullback after the premium turned negative. Short positions got crushed during the recent rally — ₱12.52 billion ($209 million) in bearish Bitcoin bets were liquidated over the past day, part of ₱27.32 billion ($456 million) in total short positions flushed across the cryptocurrency derivatives sector.
On April 14, analyst Markus Thielen noted the premium had rebounded to its highest level since 2025, signaling improved U.S. buying activity with possible institutional re-engagement. But technical analyst Crypto Rover cautioned that the larger market trend stays bearish despite positive premium shifts, as they reflect short-term U.S. spot buying against macroeconomic headwinds.
Historically, prolonged positive Coinbase Premium has preceded short-term price bottoms and increases due to scarcity of sell-side liquidity. The premium flipped positive on April 12, indicating recent U.S. institutional and retail momentum that lasted exactly nine days.
This article was written based on reporting from NewsBTC.
