Since Feb 6, 2026, BTC has mostly traded inside a broad range between roughly $64K and $74K. Inside that range, spot conditions split in two directions: visible U.S. demand stayed weak, but stablecoin buying power on spot venues did not disappear.

Coinbase Premium Gap stayed negative on 45 of the last 58 days, with an average near -19.4. That matters. The discount stopped looking like a one-off dip and started looking more structural. U.S. spot demand did not show a sustained return.

At the same time, Exchange Whale Ratio on spot exchanges moved higher. The average since Feb 6 rose to 0.66, with 7 daily spikes above 0.8. Large size is still present in exchange flows, so supply pressure has not fully cleared.

Volume remained elevated, confirming this is not a passive range.

But Exchange Stablecoins Ratio on spot exchanges remained low, with "stablecoins ratio usd" holding roughly between 12.5 and 14.1. By definition, lower values mean more stablecoin reserve relative to coin reserve. So even with weak Coinbase Premium, spot exchanges still held real buying power.

That leaves the market in an uneven setup: weak visible U.S. demand, active large exchange flows, but no sign of a spot structure running out of dry powder 🧸 DYOR

Written by TeddyVision