Bitcoin’s U.S. demand signal has flipped negative, marking a record 40 days below zero.

The metric last turned positive on Jan. 15, and its continued inability to recover following the Feb. 5 bounce reinforces the view that U.S. demand has yet to meaningfully return.

After the sharp Feb. 5 downturn, the widely monitored Coinbase Bitcoin Premium Index briefly suggested stabilization was underway. That signal proved premature.

Coinglass data shows the premium has now remained below zero for 40 consecutive days — the longest negative streak recorded since 2023. The current reading sits at -0.0467%, largely unchanged from two weeks ago, when a rapid narrowing from -0.22% sparked speculation that U.S. buyers were accumulating near the lows.

The index measures the price differential between bitcoin on Coinbase and the broader global average. Because Coinbase is commonly used as a proxy for U.S. institutional and dollar-based flows, a sustained negative premium indicates American investors are either selling more aggressively than their global counterparts or refraining from deploying capital.

The previous record — roughly 30 straight days in negative territory — occurred during the October 2025 correction. That stretch ended when a sharp rebound drew U.S. buyers back into the market. This time, bitcoin recovered as much as 15% from its Feb. 5 intraday low and reclaimed levels above $62,000, yet the premium failed to follow.

The divergence suggests that while price rebounded, the underlying demand profile shifted. The buying that lifted bitcoin appears to have originated outside U.S. trading hours, beyond Coinbase’s order books, or both.

There is a modestly constructive element: since early February, the discount has gradually narrowed from -0.22% toward -0.05%. However, it has not crossed into positive territory — a transition that historically coincides with sustained accumulation phases rather than temporary relief rallies.

Meanwhile, U.S. Google searches for “bitcoin zero” surged to record highs earlier this month, even as global search interest remained subdued.

Taken together, the signals point to a notable divergence: weakening conviction among American investors that has yet to be reflected in broader international demand.

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