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.

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:

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.

In recent years, the price has often tended to correlate with the Coinbase Premium Index, suggesting that American whales have driven the market. As such, it may not be surprising that the recent recovery surge fizzled out when Coinbase users didn’t back it.

This pattern may also have played out again on a shorter timeframe. During the past day, Bitcoin witnessed a surge back toward the $78,000 level, but the move couldn’t last, and the coin has since retraced. The Coinbase Premium Index is sitting at a value of -0.098 right now, which is the lowest level this month. This relatively high selling pressure on Coinbase may be the source of the retrace.

Bitcoin has returned to the $77,300 mark following its latest pullback.