Key Bitcoin price metric used by bulls falls to six-week low, but there’s a silver lining

Profit-taking by Bitcoin traders pushed the Coinbase BTC premium to a six-week low, but demand from longer-term traders put a clear support under the range lows.

Bitcoin (BTC) demand on Coinbase points to early signs of market stabilization as BTC reclaimed the upper bounds of its range highs. The 14-day trend of the Coinbase Premium Index has remained in an uptrend, suggesting steady buyer interest despite traders taking $1.14 billion in profits, which pushed the daily Coinbase premium to a six-week low. 

The Coinbase Premium Index dropped to -0.087 on May 19, its weakest reading since March 31. A negative premium means Bitcoin traded at a lower price on Coinbase than on Binance, signaling softer demand from US-based buyers.

BTC profit-taking accelerated as it rallied to $82,000 and holders realized 14,600 BTC ($1.14 billion) in daily profits on May 4. CryptoQuant noted unrealized profit margins climbed to 17.7% on May 5, the highest level since June 2025. 

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