Bitcoin’s U.S. demand is showing a persistent weakness signal, with the Coinbase Bitcoin Premium Index remaining negative for roughly 90 days as BTC struggles to reclaim the $70,000 level.
The index stood at -0.1066%, according to CoinGlass, indicating that Bitcoin was trading at a lower price on Coinbase than Binance.
The duration of the negative reading is more notable than its latest value. The Coinbase Premium is often used as a proxy for U.S.-based spot buying or selling pressure, so an extended negative reading suggests that American spot demand has remained relatively subdued.
Why the Coinbase Premium matters
The Coinbase Bitcoin Premium Index measures the price difference between Bitcoin on Coinbase and Binance.
When the premium is positive, it can indicate stronger buying activity on Coinbase relative to Binance. A negative premium suggests the opposite, although the indicator should not be interpreted in isolation as proof of institutional selling.
The current reading comes against a broader period of weaker Bitcoin price performance.
BTC has fallen from roughly $79,000 in May to $62,923.64 at the time of the reported data. Its Relative Strength Index also remained largely below the neutral level during that period, reflecting the softer momentum.
Bitcoin whales have been buying, but price remains weak
One of the more notable contrasts is that whale accumulation has not translated into a decisive price recovery.
Whale wallets reportedly accumulated another 54,000 BTC since mid-June, yet Bitcoin continued to trade below the levels reached earlier in the year.
That divergence matters because it shows that large-holder accumulation alone has not been sufficient to overcome broader selling pressure and weaker spot demand.
For traders, such a setup can create uncertainty. Accumulation data may encourage confidence among some market participants, while deteriorating liquidity and weak U.S. demand can make others reluctant to chase rallies.
Glassnode sees a weaker liquidity floor
Glassnode has also highlighted a deterioration in Bitcoin’s buy-side support.
Earlier in June, substantial concentrations of buy orders existed below the market. Those bids effectively created a liquidity cushion because buyers were positioned to absorb selling if BTC moved lower.
That cushion has since weakened as orders were filled, cancelled or repositioned further below the market.
The result is a thinner layer of immediate demand beneath Bitcoin. If selling pressure accelerates, reduced liquidity could allow price movements to become more pronounced.
Is this a bear-market signal?
Not necessarily.
A prolonged negative Coinbase Premium points to weaker U.S. spot demand, but it does not independently establish that institutional investors are abandoning Bitcoin or that a broader bear market is underway.
The more important issue is the interaction between several signals: a 90-day negative Coinbase Premium, BTC trading around $62,923.64, subdued momentum, declining buy-side liquidity and continued whale accumulation.
Those factors are pulling in different directions.
The whale accumulation suggests some large holders remain active, while the Coinbase and liquidity indicators show that demand immediately supporting the market has become less robust.
What comes next for Bitcoin?
The key question is whether U.S. spot demand eventually returns strongly enough to absorb available selling pressure.
A sustained improvement in the Coinbase Premium alongside stronger buy-side liquidity would provide a different market structure. Conversely, continued negative readings and further erosion of nearby bids could leave Bitcoin more sensitive to selling shocks.
For now, the data points to fragile demand rather than a confirmed breakdown.
The 90-day Coinbase Premium streak is therefore best viewed as a warning about market depth and U.S. buying activity, not as a standalone prediction of Bitcoin’s next move.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
