The widely monitored Coinbase Bitcoin Premium Index appeared to be on the mend following the crash on February 5. However, that recovery was short-lived.
As per Coinglass data, the premium has remained in negative territory for an unprecedented 40 days straight, marking its longest period of sub-zero values since 2023. Currently, it stands at -0.0467%, showing little change from two weeks prior when a significant narrowing from -0.22% indicated that U.S. buyers were beginning to engage near the market’s lows.
This index reflects the price difference between Bitcoin traded on Coinbase and the global market average. Given that Coinbase is often seen as a barometer for U.S.-based institutional and dollar-denominated transactions, a sustained negative reading suggests American investors are consistently paying less than their international counterparts—either by selling more aggressively or simply not participating in the market.
The previous record for consecutive days of negative premium was around 30 days during October 2025’s downturn; this streak ended when a sharp rebound attracted U.S. buyers back into trading activities. In contrast, while Bitcoin did experience a recovery of up to 15% from its intraday low on February 5 this time around, there was no corresponding increase in premium.
This discrepancy indicates that although prices have bounced back, demand dynamics have not changed significantly. The buying pressure that pushed Bitcoin above $62,000 likely originated outside typical U.S trading hours or outside Coinbase’s platform altogether—or possibly both factors played a role.
A somewhat positive observation is that since early February, the premium has been gradually improving—rising from -0.22% towards -0.05%. While it’s moving in an upward direction, it hasn’t reached positive territory yet—a critical threshold historically associated with prolonged accumulation phases rather than mere relief rallies.
Interestingly enough, searches for “bitcoin zero” within the United States surged to all-time highs earlier this month according to CoinDesk’s report—even though global interest levels remained stable during this period.
These indicators suggest American investors are losing confidence at an accelerating rate compared to other regions where such trends haven’t manifested as strongly.