Bitcoin’s Coinbase Premium has turned negative after sustaining 62 consecutive days of positive values, signaling a shift in demand dynamics among U.S. institutional investors. This key metric, reflecting the price difference between Coinbase Pro and Binance, indicates cooling spot demand from American traders despite Bitcoin maintaining resilience above the $115,000 price threshold.
Market data reveals increased sell-side pressure as the taker buy/sell ratio dropped to 0.9, underscoring heightened selling activity by participants. Supplementary on-chain metrics including Net Realized Profit/Loss (NRPL) and Adjusted Spent Output Profit Ratio (SOPR) further indicate investor caution and profit-taking behavior, while Bitcoin futures funding rates remain neutral.
Despite these bearish signals, Bitcoin continues demonstrating strength near all-time highs as technical indicators flag potential volatility ahead. Market observers highlight the upcoming Federal Open Market Committee (FOMC) meeting as a critical catalyst that could determine Bitcoin’s next directional move amid evolving macroeconomic conditions.