Warning Sign? Coinbase’s BTC Premium Streak Under Pressure After 60 Days

Bitcoin’s Coinbase Premium Turns Negative After 60-Day Run, Hinting at Cooling U.S. Demand

Bitcoin’s (BTC) premium on Coinbase — widely viewed as a barometer of institutional demand in the U.S. — has turned negative for the first time since late May, signaling a potential shift in investor behavior.

The “Coinbase premium” measures the price gap between BTC/USD on Coinbase and BTC/USDT on Binance. A positive spread often reflects strong buying pressure from U.S. investors, especially institutional players who tend to favor Coinbase. However, TradingView data shows that this premium slipped below zero early Tuesday, ending a 60-day streak of positive readings.

The reversal suggests waning demand from U.S.-based investors and comes amid signs of broader market consolidation. Historically, sustained periods of a positive Coinbase premium have aligned with bullish momentum, as institutions piled into BTC through U.S.-regulated exchanges.

Now, the flip into negative territory raises caution. It indicates that U.S. buyers may be pulling back — either locking in profits or becoming more risk-averse amid macroeconomic uncertainty.

Coinbase’s role as a key institutional on-ramp makes its pricing particularly relevant. A diminishing premium could reflect hesitation among larger players or reduced inflows into crypto-focused ETFs, both of which have trended lower in recent days.

With the premium turning negative and momentum indicators cooling, analysts say the market may be entering a deeper consolidation phase — unless fresh institutional demand reemerges to drive the next leg higher.