Bitcoin’s U.S. demand indicator has remained in negative territory for a record 40 consecutive days.

The gauge last flashed positive on Jan. 15, and its inability to reclaim that level following the Feb. 5 rebound indicates U.S. demand has not merely paused — it has yet to return in a meaningful way.

After the Feb. 5 sell-off, the widely tracked Coinbase Bitcoin Premium Index briefly hinted at stabilization. That recovery proved short-lived.

According to Coinglass data, the premium has now remained below zero for 40 straight days, marking the longest stretch of negative readings since 2023. The index currently stands at -0.0467%, little changed from two weeks ago, when a sharp compression from -0.22% fueled speculation that U.S. buyers were stepping in near local lows.

The metric tracks the price differential between bitcoin on Coinbase and the broader global average. Because Coinbase is commonly viewed as a proxy for U.S. institutional and dollar-based flows, a sustained negative premium signals that American participants are either selling more aggressively than overseas counterparts or largely staying sidelined.

The previous longest streak — around 30 consecutive days — occurred during the October 2025 downturn. That episode ended when a strong rebound drew U.S. capital back into the market. This time, bitcoin rallied as much as 15% from its Feb. 5 intraday trough, yet the premium failed to turn positive.

The divergence underscores a key dynamic: while price rebounded, the underlying demand mix shifted. The buying pressure that lifted bitcoin above $62,000 appears to have originated outside U.S. trading hours, away from Coinbase’s order books, or both.

There is a modestly constructive signal. Since early February, the discount has narrowed gradually from -0.22% toward -0.05%. Momentum is improving, but not enough to push the indicator into positive territory — a shift that historically aligns with sustained accumulation cycles rather than short-lived relief rallies.

Meanwhile, U.S.-based Google searches for “bitcoin zero” surged to record levels earlier this month, even as global search interest remained largely unchanged.

Taken together, both indicators suggest that American investors, specifically, are losing conviction at a pace not mirrored in other regions.