I've been monitoring an interesting signal in Bitcoin over the past few days. After that drop to $60k last week, BTC recovered well and is now oscillating around $72.6k, which represents about a 15% recovery. But here’s the detail that’s catching attention: the Coinbase Premium Index, which basically shows whether American investors are buying or selling, has changed quite a bit.

At the peak of selling, this index was around -0.22%, which is quite negative. Now it’s approximately -0.05%, much closer to zero. This suggests that some buyers in the US entered the dip when forced selling pressure decreased. Coinbase is like a thermometer of American institutional demand, so when this index improves like this, it usually means that American money is seeing value at lower prices.

But here’s the caveat: the index still hasn’t turned positive, and historically, when it does, it signals real accumulation and renewed confidence. Now it seems more like selective buying, you know? Volumes on major exchanges are still well below the peaks of late 2023, and liquidity is tight. This means any move could fluctuate quite a bit, but it also makes the market fragile if buyers can’t sustain the momentum. The signals from the US are improving, but there’s still a lack of greater conviction.