Additional on-chain data points to reduced selling pressure on U.S. exchanges. The Coinbase premium index—which measures the price difference between Bitcoin on Coinbase versus Binance, and serves as a proxy for U.S. institutional demand—has climbed from deeply negative territory around February 12 to 0.05 this week.
Lacie Zhang, Market Analyst at Bitget Wallet, told Decrypt that the shifting dynamics could signal a strategic entry point for investors. "This easing, evidenced by a 25% drop in on-chain outflows and growing apparent demand since late November, could indeed set the stage for a market bottom," she said. "It presents a buying opportunity with improved risk-reward ratios that encourage long-term investment in the sector."
Not all analysts share that optimism.
Illia Otychenko, Lead Analyst at CEX.IO, offered a more measured view, attributing the reduced selling pressure to cooling speculative activity rather than a fundamental shift in demand. "Since early February 2026, futures volume has dropped by about 44%, and spot volume is down roughly 50% from recent highs," he told Decrypt. "When leverage declines, and trading slows, forced selling also tends to decrease."
Despite the positive signals, Otychenko cautioned that the current setup does not yet confirm a trend reversal since the market structure remains fragile and demand hasn’t really caught up yet.
While current developments are "constructive," Otychenko said, he added that they are "not strong enough on their own to confirm a bottom—or kickstart an uptrend—especially without improving macro conditions."
