Bitcoin is showing an important shift beneath the surface: U.S. spot demand may be returning.

The Coinbase Premium Index, which compares Bitcoin prices on Coinbase with Binance, has turned positive after spending roughly three months in negative territory. Because Coinbase is a major venue for U.S. investors and institutions, a positive premium is often interpreted as stronger U.S. buying pressure.

CryptoQuant founder Ki Young Ju highlighted the move, writing: “BTC: Coinbase Premium turned positive, indicating bullish U.S. institutional sentiment.”

The chart shows the premium remaining mostly negative from May through mid-August. But in late August, as BTC climbed back toward $80,000, the premium finally crossed above zero.

This matters because the rally may be shifting from one driven mainly by short covering and offshore demand toward one supported by U.S. spot buyers.

Still, one positive reading is not enough. The key question is whether the Coinbase Premium can stay above zero while Bitcoin tests $80,000. If it does, the case for a more durable bullish trend would strengthen.

Written by XWIN Japan