Bitcoin Coinbase Premium Rises to Zero as Market Buying Weakens

The Bitcoin Coinbase premium index rose to zero on August 26 after being negative for 14 consecutive days, but this rebound was accompanied by large-scale profit-taking. Last week, realized profits averaged $933 million, an increase of 824% week-on-week; inflows of tokens with a 1 to 3-month maturity increased by 280%, and daily inflows to wallets holding 1,000 to 10,000 BTC reached 1,136 BTC (+235%). There were significant differences in exchange flows: Binance had an average net inflow of +2,184 BTC, while the overall exchanges saw a net outflow of -2,372 BTC, with Coinbase experiencing a single-day outflow of 3,499 BTC coinciding with the day the premium returned to zero. Long liquidations increased by 469% compared to just 15% for shorts, and stablecoins continued to flow out, indicating weakening buying support. Analysts point out that history shows that under this structure, the probability of range-bound fluctuations or shallow corrections is higher than a direct rise; sustained upward movement requires the premium to remain above zero and stablecoin net inflows to turn positive, with currently only the first condition being met.

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