🚨 Coinbase Premium Is Still Below Zero
The Coinbase premium remains firmly negative, meaning BTC is trading cheaper on Coinbase compared to offshore venues. That typically signals weak U.S. spot demand and limited institutional urgency to buy.
Historically, sustained negative readings suggest:
Buyers are stepping back rather than chasing price
Rallies lack strong spot confirmation
Downside or sideways consolidation is more likely than impulsive upside
Until this premium flips positive and holds, any bounce is more likely driven by derivatives or short covering — not fresh spot inflows.
In short: demand hasn’t shown up yet.
That’s the piece the market is still waiting for.
