Bitcoin pushed through $85,000 on Monday as the latest leg higher took it to levels last seen in late January. The crypto asset has gained 6% over the past 24 hours.
But data suggests that this recovery has yet to receive strong confirmation from US spot demand.
Recovery Has a Missing Piece
According to the latest data shared by CryptoQuant, the Coinbase Premium Index has turned negative again. The index measures the price difference between Bitcoin on Coinbase’s USD market and Binance’s USDT market. A positive reading usually means stronger buying activity from US investors. A negative reading, on the other hand, suggests weaker demand or relatively stronger selling pressure on Coinbase.
It’s worth noting that the data came earlier today when BTC stood at around $81,500, and the index was at -0.02. The premium had briefly moved above zero but has now slipped back into negative territory. This means the recent Bitcoin recovery is not being matched by consistently stronger demand on Coinbase.
In previous cases, steady positive Coinbase premiums have often appeared during periods when US spot demand was supporting BTC’s price gains. CryptoQuant stated that traders should watch whether the premium can move back above zero, remain positive, and rise alongside Bitcoin’s price. Such a move would provide stronger evidence that US-based spot buyers are taking part in the recovery.
However, the current negative reading does not necessarily signal a bearish reversal. The index is only slightly below zero and is not showing an extreme reading.
Experts are increasingly debating whether crypto winter has finally ended. Bitwise CIO Matt Hougan, meanwhile, believes the market has entered “crypto spring.” Speaking to CNBC, the exec said the downturn after BTC’s all-time high above $126,000 in October 2025 is now over. He expects the current cycle to develop into the “strongest and longest-running” bull market in the industry’s history.
Strategy’s Comeback
Adding to the bullish backdrop, Strategy resumed its Bitcoin purchases after a three-week pause. The company bought 950 BTC for $75.7 million at an average price of $79,670, co-founder Michael Saylor announced.
The latest purchase takes its total Bitcoin holdings to 846,000 BTC, acquired for $63.8 billion. At current prices, the stash is worth about $72 billion.
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