The broader crypto market is facing heightened volatility, and Bitcoin, the largest digital asset, has experienced a pullback to the $116,000 threshold. With the market under bearish pressure, several key Bitcoin metrics are beginning to move into negative territory, sparking concerns in the market.
Waning Bitcoin Coinbase Premium Index
Bitcoin’s price has retested the $116,000 mark once again after a previous run toward $120,000, reflecting growing volatility. In the meantime, one of BTC’s key metrics, particularly the Coinbase Premium Index, has flipped into negative territory.
The negative development was disclosed by Alphractal, an advanced on-chain data and investment platform, which signals a potential shift in market sentiment and behavior. Furthermore, the negative reading comes in the midst of heightened volatility rattling investor confidence, raising concerns about the ongoing trend.
Specifically, the Bitcoin Coinbase Premium Index is a crucial metric that measures the price difference of BTC between the Coinbase exchange and other global exchanges such as Binance. Looking at the chart shared by Alphractal, the index has now fallen below zero for the first time since May. A drop below zero is considered to be in a negative area, while a rise above zero is thought of as a positive zone.
The index moving into a negative zone often suggests that American buyers are stepping back or offloading their BTC holdings. Given that the index typically measures the US demand for BTC, the negative reading sparks questions about the resilience of US-driven momentum and the short-term institutional appetite.
According to Alphractal, the event indicates selling pressure in the US market as Bitcoin is now trading at a discount on Coinbase. “Historically, negative values may reflect a lack of interest from US investors or profit-taking moments,” the platform added.
As a result, the on-chain platform has urged investors to remain vigilant as investors in the US offload their holdings. This is because of how it often impacts the Bitcoin market in the short term.
A Massive Accumulation In The Last Few Months
Many crucial Bitcoin metrics may have turned bearish or are struggling to maintain a positive trend, but bullish sentiment among certain investors continues to remain steadfast. A report from Santiment, a leading on-chain platform and market intelligence, highlights robust interest among BTC investors, especially wallet addresses holding between 10 and 10,000 BTC.
In the report, Santiment noted that the cohorts have been steadily buying BTC in the last 18 weeks, or since late March 2025. During this period, these investors have amassed about 218,570 more BTC. The 218,570 BTC accumulated within the period represents around 0.9% of the total supply.
Even though BTC’s price has briefly lost its upside momentum, the group is not showing signs of stopping, reflecting strong optimism in the asset’s prospects. Following the massive accumulation of BTC, Santiment data shows that these key stakeholders now collectively hold 68.44% of all Bitcoin’s supply.
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