Bitcoin – Does Coinbase Premium’s latest ‘positive’ mean institutional demand is back?

Bitcoin’s [BTC] Net Realized Profit/Loss deteriorated steadily as prices weakened from late January highs near $90,000. As the decline progressed, realized losses widened across the market.

By 06 February, the Net Realized P/L plunged close to -$330 million, marking the most intense capitulation in the period while Bitcoin’s price briefly approached the $63,000–$65,000 zone.

Thereafter, selling pressure gradually began to moderate. Loss intensity started contracting while the price stabilized and slowly recovered towards the $68,000–$70,000 range. Even so, Realized Losses have continued to dominate the metric – A sign that many holders were still exiting positions during rebound attempts.

At the same time, intermittent green spikes appeared as traders locked in profits during brief rallies. For instance, on 25 February, Realized Profits exceeded $5 million per hour as BTC briefly climbed to $69,400.

However, that profit realization quickly absorbed upward momentum. Price stalled again beneath $70,000, reinforcing the persistent resistance band. Until profit-taking cools and trading volume strengthens, the market will likely remain compressed within the $66,000–$70,000 consolidation corridor.

URPD data reveals dense BTC accumulation between $60k and $70k

While profit-taking continues to cap momentum near $70,000, on-chain supply positioning revealed a deeper structural shift beneath the market. Entity-Adjusted URPD data highlighted a dense concentration of Bitcoin accumulation within the $60,000–$70,000 corridor.

Initially, supply distribution appeared to be relatively fragmented below $60,000 – Evidence of earlier market rotations during the broader correction. However, accumulation soon intensified sharply as prices approached the mid-cycle pullback zone.

The largest concentration appeared to be near $63,000–$64,000, where holdings expand to nearly 850,000 BTC. This surge could be a sign of aggressive dip buying as market participants absorbed supply during the downturn. As the pullback stabilized, that zone evolved into a dominant liquidity cluster.

Beyond that level, additional supply layers can be seen between $65,000 and $69,000, with several bands exceeding 200,000 BTC. These clusters might also reinforce the broader demand structure forming under the price.

As a result, the recent correction redistributed supply across stronger hands. With more than 400,000 BTC accumulated between $60,000 and $70,000, this region now increasingly functions as a structural support base for Bitcoin.

Coinbase Premium turns positive as U.S BTC demand re-emerges

Finally, as accumulation strengthened across the $60,000–$70,000 corridor, demand signals from U.S markets also began to re-emerge. The Coinbase Premium Gap recently flipped positive, reaching +14.7% on 27 February after nearly four months of persistent negative readings.

Previously, the premium was deeply negative, at times approaching -200, while Bitcoin’s price gradually declined towards $67,900. This phase reflected weaker U.S spot demand relative to global exchanges.

However, the latest positive shift may be a sign that that buyers on Coinbase are again paying higher prices. Historically, similar premiums back in October–November 2024 preceded Bitcoin’s surge from below $100,000 to nearly $125,000.

Even so, several short-lived green spikes have appeared since late 2024. Therefore, sustained confirmation requires three to five consecutive positive sessions. This would signal stronger institutional participation, rather than another brief demand resurgence.

Final Summary

• Bitcoin’s [BTC] realized capitulation has cooled down since the -$330 million loss spike, yet BTC momentum remains capped.
• Dense $60,000–$70,000 accumulation, accompanied by a returning Coinbase Premium, are possibly positioning BTC for structural support.