Bitcoin's Coinbase Premium Falls to Six-Week Low Amid Steady Buyer Interest

The price action in Bitcoin has been influenced by various metrics, with the Coinbase premium being one key indicator. This metric has fallen to a six-week low, but it's not all bad news for bulls. The 14-day simple moving average of the premium index has remained above its February lows, suggesting that sell-side pressure is easing.

The daily premium readings are still below zero, indicating softer demand from US-based buyers. However, the rising SMA points to a gradual rebuild in spot demand on Coinbase. This trend was previously seen before Bitcoin pushed towards $110,000 in April-May 2025.

Another positive sign is that activity across the Coinbase-linked network remains elevated. The Base blockchain revenue has exceeded late-March levels, indicating steady network participation despite the negative premium readings.