Bitcoin surged to $86,000, but the Coinbase Premium Index remains slightly negative, indicating that US spot demand has not yet confirmed the recovery. The index, measuring the price gap between Coinbase’s USD market and Binance’s USDT market, briefly turned positive before slipping back to -0.02 when Bitcoin traded near $81,500. Meanwhile, Strategy resumed Bitcoin purchases, buying 950 BTC for $75.7 million. Bitwise CIO Matt Hougan declared that the downturn following Bitcoin’s all-time high above $126,000 in October 2025 is over, calling the current phase “crypto spring.”
Bitcoin pushed through $85,000 on Monday, gaining 6% over the past 24 hours. However, the recovery has yet to receive strong confirmation from US spot demand.
The Coinbase Premium Index has turned negative again, according to data from CryptoQuant. The index measures the price difference between Bitcoin on Coinbase’s USD market and Binance’s USDT market.
A positive reading usually signals stronger buying from US investors, while a negative reading suggests weaker demand or stronger selling pressure on Coinbase. The data came earlier today when BTC stood at around $81,500 and the index was at -0.02.
The premium had briefly moved above zero but has now slipped back into negative territory. CryptoQuant stated that traders should watch whether the premium can move back above zero, remain positive, and rise alongside Bitcoin’s price.
The current negative reading does not necessarily signal a bearish reversal, as the index is only slightly below zero. Bitwise CIO Matt Hougan told CNBC that the downturn after Bitcoin’s all-time high above $126,000 in October 2025 is now over. He expects the current cycle to develop into the “strongest and longest-running” bull market in the industry’s history.
Adding to the bullish backdrop, Strategy resumed its Bitcoin purchases after a three-week pause. Co-founder Michael Saylor announced the company bought 950 BTC for $75.7 million at an average price of $79,670.
The latest purchase brings Strategy’s total Bitcoin holdings to 846,000 BTC, acquired for $63.8 billion. At current prices, the stash is worth about $72 billion.
