From an on-chain perspective, the Coinbase Premium Index has remained predominantly negative, indicating relatively weak demand from US-based investors and a lack of aggressive spot buying on Coinbase compared to other exchanges. This persistent negative reading aligns with the broader corrective structure observed on the charts.
However, the index has recently experienced a noticeable upward surge. Although it is still below the neutral threshold, the intensity of the rebound suggests that selling pressure from US participants may be easing. If this upward momentum continues and the index crosses into positive territory, turning green, it would signal renewed spot demand from US investors.
Such a shift could act as a catalyst for a bullish rebound, particularly if it coincides with a technical breakout from the current triangle formation. In that scenario, both technical structure and on-chain demand would align in favor of a stronger recovery phase.
Written by ShayanMarkets
