Bitcoin’s recent recovery to around $64,000 has been attributed by analysts to renewed buying interest from major US-based investors. On-chain data platform CryptoQuant highlighted that, in July’s upward move, shifts in demand on Coinbase stood out as a key driving force.
Coinbase premium offers directional clues
CryptoQuant analyst Burak Kesmeci emphasized that the Coinbase Premium Index has shown the first signs of strengthening buying momentum. This indicator tracks the price gap between Bitcoin on Coinbase and Binance, serving as a crucial proxy for US investor demand.
According to Burak Kesmeci, the Coinbase Premium Index for both BTC and ETH remains in negative territory, though both metrics have started to rebound from local lows.
Kesmeci also pointed to the 14-day simple moving average as a critical tool for monitoring the near-term trend of the indicator. Throughout much of 2026, the Coinbase premium stayed negative, signaling weak demand from both large and small investors on America’s leading crypto exchange.
CryptoQuant data shows the current index value at minus 0.08. The last time the daily reading was positive was more than two months ago. While Kesmeci believes the present setup could support a short-term bounce, he underlines that a sustainable trend reversal would require the indicator to move above zero.
ETF flows remain delicately balanced
Institutional demand in the market is under close watch as well. After a period of uninterrupted $2.7 billion outflows, spot Bitcoin ETFs in the US have finally recorded their first net inflow. However, recent data suggest that investor sentiment remains highly sensitive to price fluctuations.
According to data from UK-based provider Farside Investors, spot Bitcoin ETFs saw net outflows for the third consecutive day on Thursday, totaling $95.3 million. Farside Investors is known for its daily tracking of ETF flows.
| Indicator | Current status |
|---|---|
| Bitcoin price | Recovered near $64,000 |
| Coinbase premium | Negative at minus 0.08 |
| Spot Bitcoin ETF flows | $95.3 million net outflow on Thursday |
| Previous series of outflows | Totaled $2.7 billion |
Bitcoin Suisse signals potential bottom
Crypto financial services firm Bitcoin Suisse, analyzing multiple indicators in tandem, asserted that ETF flows might be signaling a potential shift in the market. The company noted that after eight consecutive weeks of ETF outflows and Bitcoin dropping to its lowest level in 21 months, signs of changing market dynamics have emerged this week.
Bitcoin Suisse suggested that following eight weeks of ETF outflows and Bitcoin’s 21-month low, the market is starting to show signs of change, with potential bottoming signals beginning to flash.
The company also pointed out that the Crypto Fear & Greed Index remains deep in “extreme greed” territory. This scenario means that, even as buyers search for a potential market bottom, growing optimism and signs of recovery are being watched closely, though market sentiment remains far from stabilized.
