Bitcoin U.S. demand weakens as Coinbase premium hits lowest since February

A CoinNess analysis suggests U.S. demand for Bitcoin is weakening. According to Glassnode, the Coinbase Premium Index remained negative throughout the price decline that followed its peak in September last year, while its 30-day moving average fell to the lowest level since February this year. A negative premium means Coinbase’s BTC price is lower than Binance’s, a signal that relative buying interest in the U.S. market is weak. Bitcoin rallies in 2024 and 2025 both unfolded alongside a positive premium, although some past rallies began from deeply negative premium levels similar to the current one. The latest drop in the premium therefore signals weaker U.S.-led spot demand while also suggesting that any recovery in demand could be a key variable for a Bitcoin rebound.