Spot Demand Returns: Coinbase Premium Turns Green, ETFs Add $652M to IBIT

Positive Coinbase Premium and $1.1B ETF inflows suggest Bitcoin’s rebound is driven by U.S. spot demand, not leverage.

Bitcoin’s recent rebound is being driven more by spot demand than by leverage. After weeks of steady selling pressure, buyers have returned through U.S. platforms. Market structure now looks cleaner than during earlier rallies fueled by derivatives. Current data suggests real capital is stepping back in.

IBIT Leads $1.1B Bitcoin ETF Surge as Premium Signals U.S. Buyers Are Back

Coinbase Premium has turned positive for the first time in nearly 40 days, now sitting around +0.05%. That shift follows a long stretch of negative readings that matched Bitcoin’s drop from the $90,000 area to the mid-$60,000s. 

The premium tracks the price gap between Bitcoin on Coinbase and offshore exchanges. Because Coinbase is closely tied to U.S. institutional activity, negative readings often reflect weaker U.S. demand.

Sustained moves back above zero have historically appeared during early accumulation phases. What matters now is whether the premium holds. Short spikes can reflect arbitrage trades, but stability over several sessions usually signals real spot buying. So far, the premium has remained positive as Bitcoin recovered toward the $68,000–$69,000 range.

ETF flows support that view. U.S. spot Bitcoin ETFs recorded roughly $1.1 billion in net inflows over the past three sessions. BlackRock’s iShares Bitcoin Trust (IBIT) accounted for about $652 million of that total. The latest daily figure reached approximately $458 million.

Image Source: SoSoValue

Importantly, those inflows came after price weakness. Investors added exposure during the pullback rather than chasing strength. That pattern suggests accumulation on dips. Total Bitcoin ETF assets remain near $88 billion, indicating there has been no large capital exit during the correction. Recent inflows point to fresh capital entering the market.

Muted Leverage and Strong Spot Flows Support Bitcoin’s Upside

Open interest across exchanges fell from around $45 billion to roughly $20–22 billion during the recent deleveraging phase. Despite the price recovery, open interest has not returned to previous highs. Funding rates are mostly neutral, and liquidation activity has been limited compared to past rallies.

Image Source: CryptoQuant

That structure suggests the move is not driven by excessive leverage. Spot appears to be leading while derivatives remain restrained. In past cycles, similar conditions have often appeared during the early stages of broader upside moves.

Meanwhile, the U.S. dollar remains firm, and 10-year Treasury yields sit near 4%, both of which can weigh on risk assets. Geopolitical tensions also add uncertainty. Even so, Bitcoin has recovered quickly, indicating flows are currently the dominant factor.

For now, key indicators align. U.S. spot demand has returned, ETF capital is growing, and derivatives remain contained. That mix favors a spot-led recovery, provided inflows continue in the coming sessions.

The post Spot Demand Returns: Coinbase Premium Turns Green, ETFs Add $652M to IBIT appeared first on Live Bitcoin News.