XWIN Japan2026-08-23

U.S. Selling Pressure Is Fading — Coinbase Premium Signals Improving Bitcoin Demand

Bitcoin has rebounded sharply, climbing from the mid-$60K range to around $77.9K. One indicator worth watching behind this recovery is the Coinbase Premium Index. The index measures the price gap between Bitcoin on Coinbase and other major exchanges, providing insight into U.S. investor demand. Positive readings generally suggest stronger U.S. buying pressure, while negative readings indicate relatively stronger selling pressure. Since late May, the index has remained deeply negative. During June and July, it briefly fell below -0.15 as Bitcoin declined, signaling persistent selling pressure from the U.S. market. That trend is now changing. In late August, the Coinbase Premium Index recovered rapidly from around -0.10 to -0.026. It is still negative, so this does not yet mean U.S. investors have become aggressive net buyers. However, it suggests that the heavy selling pressure seen over recent months is fading. Importantly, this improvement has occurred alongside Bitcoin’s rebound toward $77.9K. The next key signal will be whether the index can cross above zero and remain positive. If Bitcoin continues recovering while the Coinbase Premium turns positive, the market could shift from “selling pressure is easing” to a stronger phase of renewed U.S. spot demand. The key question is no longer just where Bitcoin trades, but who is stopping their selling — and who starts buying next.