Bitcoin surpassed $85,000 on Monday as the latest rally took it to levels last seen in late January. The crypto asset gained 6% in the last 24 hours.
But data suggests that this recovery has not yet been strongly confirmed by US spot demand.
Salvage has a missing piece
According to the latest data shared by CryptoQuant, the Coinbase Premium Index has turned negative again. The index measures the price difference between Bitcoin on Coinbase’s USD market and Binance’s USDT market. A positive reading generally means stronger buying activity from U.S. investors. In contrast, a negative reading suggests weaker demand or relatively stronger selling pressure on Coinbase.
It’s worth noting that the data came earlier today, when BTC was around $81,500 and the index was at -0.02. The premium briefly rose above zero, but has now fallen back into negative territory. This means that Bitcoin’s recent rally is not accompanied by ever-increasing demand on Coinbase.
In previous cases, positive and consistent Coinbase premiums often emerged during periods when US spot demand supported BTC price increases. CryptoQuant declared that traders should watch to see if the premium can return above zero, remain positive, and rise alongside the price of Bitcoin. Such a move would provide stronger evidence that U.S.-based cash buyers are participating in the rally.
However, the current negative reading does not necessarily signal a bearish reversal. The index is only slightly below zero and does not show an extreme value.
Experts are increasingly wondering if the crypto winter is finally over. Matt Hougan, CIO of Bitwise, believes that the market has entered the “crypto spring”. Speaking to CNBC, the executive said the downturn following BTC’s all-time high above $126,000 in October 2025 is now over. He expects the current cycle to turn into the “strongest and longest” bull market in the sector’s history.
The return of strategy
Adding to the bullish backdrop, Strategy resumed its Bitcoin purchases after a three-week hiatus. The company purchased 950 BTC for $75.7 million at an average price of $79,670, co-founder Michael Saylor announced.
The latest purchase brings his total Bitcoin holdings to 846,000 BTC, acquired for $63.8 billion. At current prices, the reserve is worth about $72 billion.
The article Bitcoin (BTC) Just Hit $86,000: There’s Only One Problem appeared first on CryptoPotato.
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