Bitcoin’s U.S. demand signal turns negative for a record 40 days

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin’s U.S. demand signal turns negative for a record 40 days The indicator last printed positive on Jan. 15. Its failure to fully recover after a Feb. 5 rebound suggests U.S. demand remains structurally absent rather than temporarily paused. By Shaurya Malwa | Edited by Oliver Knight Feb 24, 2026, 2:42 p.m. Make us preferred on Google What to know : The Coinbase Bitcoin Premium Index has stayed negative for 40 straight days, its longest sub-zero streak since 2023, signaling persistent weakness in U.S. demand. While bitcoin has rebounded about 15 percent from its Feb. 5 low and climbed back above $62,000, the U.S.-focused premium has not recovered, implying the recent buying came largely from outside American trading hours and venues. The premium has inched higher from about -0.22 percent to near -0.05 percent, but remains below the positive levels historically associated with sustained accumulation, as U.S. investors show rising skepticism reflected in record domestic Google searches for “bitcoin zero.” The well-followed Coinbase Bitcoin Premium Index briefly looked like it was recovering after the Feb. 5 crash. It wasn't. The premium has now been negative for 40 consecutive days, according to Coinglass data , setting the longest streak of sub-zero readings since 2023. The current reading sits at -0.0467%, barely changed from two weeks ago, when a sharp narrowing from -0.22% suggested U.S. buyers had stepped in near the lows. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . The index measures the price gap between bitcoin on Coinbase and the global market average. Coinbase is widely used as a proxy for U.S. institutional and dollar-denominated flows, so a persistent negative reading means American investors are consistently paying less than the rest of the world — either selling more aggressively or simply not showing up. The previous record was roughly 30 days of continuous negative premium during the October 2025 drawdown. That streak broke when a sharp bounce brought U.S. buyers back into the market. This time, the bounce came, as bitcoin recovered as much as 15% from its Feb. 5 intraday low. But the premium never followed. That divergence shows that while price recovered, the composition of demand didn't. Whatever buying drove bitcoin back above $62,000 came from outside U.S. hours, outside Coinbase's order books, or both. The one constructive read is that the premium has been gradually less negative since early February, creeping from -0.22% back toward -0.05%. It's improving, just not fast enough to flip positive, a threshold that historically coincides with sustained accumulation phases rather than relief rallies. Interestingly, Google searches for "bitcoin zero" in the U.S. hit record highs earlier this month, as CoinDesk reported , even as global search interest for the term remained flat. Both signals point to American investors specifically losing conviction at a pace that hasn't shown up elsewhere. Bitcoin News Bitcoin trend indicator More For You 'If you’re not accumulating bitcoin at this stage, then when,' asks prominent analyst By Stephen Alpher 55 minutes ago Time, not price, is probably going to be more frustrating for bulls from here, wrote James Check, but bitcoin has been mostly de-risked at this point. What to know : Bitcoin appears to be bottoming based on any number of indicators, wrote James Check. As in 2022, it could be several months of bouncing around before the actual cycle low is in place. Read full story Latest Crypto News Binance brings back tokenized stocks trading with Ondo Finance deal 20 minutes ago CoinDesk 20 performance update: index falls 2% as nearly all constituents decline 25 minutes ago Coinbase adds stock, ETF trading as it expands beyond crypto 43 minutes ago Your AI is getting a bank account: MoonPay just gave bots the power to spend money 43 minutes ago 'If you’re not accumulating bitcoin at this stage, then when,' asks prominent analyst 55 minutes ago Cipher Digital rebrands as it pivots from bitcoin mining to HPC, shares slide 1 hour ago Top Stories Crypto markets bleed as bitcoin hovers above liquidation zone 3 hours ago Putting the treasury to work: The Ethereum Foundation just staked 70,000 ETH to fund its future 4 hours ago Jane Street faces claims of insider trading that sped up Terraform's 2022 collapse 9 hours ago Hong Kong's RedotPay said to plan blockbuster $1 billion IPO in New York: Bloomberg 5 hours ago Step Finance shuts operations after $27 million January hack 4 hours ago Bitcoin teeters near $63,000 as pippin's rally shows froth remains 2 hours ago