According to Coinglass data, the Coinbase Bitcoin negative premium index has reversed its mild improvement seen between February and May. Since May 8, the index has weakened again, recently accelerating to -0.1323%, indicating that U.S. market buying power remains subdued.
The Coinbase Bitcoin premium index tracks the price gap between the exchange and the global market average. A negative premium typically signals heightened selling pressure among U.S. investors, declining risk appetite, rising risk-off sentiment, or capital outflows. From February through May, the index had shown narrowing, suggesting a period of mild recovery in U.S. buying interest. However, the trend reversed sharply on May 8, with the negative premium now widening rapidly to -0.1323% — a stark contrast that signals fading U.S. market participation.
The sustained negative gap highlights weak U.S. demand as investors adopt a more conservative stance. This shift away from the earlier period of improvement underscores the challenges for Bitcoin’s price support in the American market.