Bitcoin surged above $70,000, peaking at $71,200 after the Coinbase Premium Index registered positive inflows. The move reflects a rapid shift in US-based pricing, signaling renewed buying interest in dollars from institutional participants.
The Coinbase Premium Index once again captured market attention by rising after nearly three consecutive weeks in negative territory. During the most intense phase of the sell-off, the index reached extreme levels close to -22.5%, reflecting significant selling pressure in the US market.
The turnaround began to solidify as the index approached neutrality and then crossed into positive territory. This movement coincided with Bitcoin’s rebound from the $68,000 range to recover levels above $70,000, reinforcing the interpretation that spot flows in the United States once again directly influenced global price formation.
From an analytical perspective, several observers interpreted this reversal less as a structural expansion of demand and more as a temporary reactivation of US buyers. Market commentary described the premium recovery as a rebound of over 70% from the recent low, associated with concentrated institutional accumulation or, alternatively, an accelerated closing of short positions on US-based platforms.
Bitcoin’s immediate future
The immediate implication of this shift is that the US spot market regained prominence during the rebound, something that hadn’t occurred in previous weeks. However, the general tone among analysts was one of caution. For many, the movement resembles a technical relief rally more than a deep and sustained rotation between supply and demand.
In February 2026, the weakness of the US labor market and persistent inflationary pressures continued to act as headwinds. Adding to this, the total crypto market capitalization had contracted by around 9.36% in recent weeks, a figure that reinforces the idea of a still fragile sentiment.
Some commentators added another layer of interpretation by suggesting that the Coinbase purchases could be strategic positioning by large operators or financial institutions ahead of potential regulatory changes. However, these interpretations remain speculative and were presented as market conjectures, not verified actions.
Looking ahead, the sustainability of the movement will depend on whether spot demand in the United States manages to stay above current levels. If Bitcoin loses key support levels, especially the area around $60,000, the Coinbase Premium could quickly return to negative territory, confirming that the recent reversal was temporary.
