Bitcoin $78,000 Rebound Fizzles As Coinbase Premium Stays Red

Data shows the Bitcoin Coinbase Premium Index remained at negative levels despite the rebound in BTC’s spot price back toward $78,000.

Bitcoin Coinbase Premium Gap Points To Selling Pressure From US Traders

As pointed out by analyst Axel Adler Jr in an X post, the Bitcoin Coinbase Premium Index has been inside the negative territory recently. This indicator tracks the percentage difference between the BTC spot price listed on Coinbase (USD pair) and that on Binance (USDT pair).

In short, what this metric tells us about is how the trader’s buying and selling behaviors compare between Coinbase and Binance. Below is the chart shared by Adler Jr that shows the trend in the Bitcoin Coinbase Premium Index over the past year:

The value of the metric seems to have plunged deep into the red zone | Source: @AxelAdlerJr on X

As is visible in the graph, the Bitcoin Coinbase Premium Index was at mostly positive levels during the second half of 2025, indicating that the asset was going for a higher price on Coinbase as compared to Binance. Such a trend naturally implies that Coinbase users were providing a higher amount of buying pressure.

The trend flipped toward the end of the year as Coinbase users took to selling alongside the price drawdown. From the chart, it’s visible that 2026 only furthered the downward trajectory in the metric, with a massive negative peak coming alongside the crash at the start of February.

As the market has stabilized since this crash, the index has also calmed down, but negative values have still largely dominated. Interestingly, the latest streak of red levels has come despite the recent recovery that BTC has witnessed.

Coinbase’s main traffic is made up of US-based investors, with institutional entities from the nation being prominent customers for the platform. The spot exchange-traded funds (ETFs), which have been around for nearly 2.5 years now and have acted as a gateway for institutions, also use the exchange as a custodian.