Bitcoin made a petite but noticeable technical change this week as the Coinbase premium returned above zero, ending a streak of negative readings that began after hefty selling on February 6.

Coinbase Premium Flip above zero

According to market data released on February 23, 2026, at one point, Bitcoin’s price on Binance futures was around $66,150, showing a tiny hourly gain of 0.40%.

Still other spot indices tell a different part of the story: CoinMarketCap was trading BTC near $65,070 and was down about 3% on the day.

These gaps are normal: futures, spot channels and aggregate trackers may vary. The direction of the premium is essential here – it was negative for most of February and then exceeded the positive area.

Coinbase Bitcoin Premium turned positive for the first time since its February 6 low.

It seems that institutions are already done with selling. pic.twitter.com/rUYgxO2Fo8

— Ted (@TedPillows) February 23, 2026

Why investors care about the premium

Coinbase is widely used by huge buyers in the U.S., so many traders read the positive premium as an indication that domestic spot market demand is outpacing foreign pressure.

But going above zero is just the beginning signal. The size of the spread, how long it is held, and whether currency inflows support the move are factors that turn a signal into a trend.

Small, short-lived flips may be caused by ephemeral liquidity differences or quick arbitrage trades. Larger and more sustainable spreads tend to be essential to portfolio managers.

Geopolitics and market mood

Market observers also point to broader factors. Growing voltage between the US and Iran, with a conversation between Father tariff corrections related to US President Donald Trump have pushed investors towards safer assets in recent sessions.

This mood was pushing at times BTC below essential technical swings near $65,000, and there were brief dips below $64,000 in some sessions before a few serene periods allowed for a slight rebound. When fear grows, cryptocurrencies are often the first to feel it.

Derivatives, volume and technical levels

Futures activity on Binance and other platforms remained very mighty, even if volume did not show the kind of surge that precedes substantial breakouts. Reports show that the daily trading volume is close to $45.71 billion while the market capitalization is close to $1.30 trillion.

Funding rates, open interest and currency inflows are closely monitored; anyone can confirm or disprove Coinbase’s premium message. Increasing open interest associated with increasing premium would be more compelling than a single spread marker.

Encouraging signs

Coinbase’s positive premium is a promising sign after weeks below zero, but does not confirm sustained growth. Investors will be watching how wide the spread is, whether Coinbase sees significant inflows, and whether funding rates and open interest support the move. Traders will likely wait until later sessions for clear signals before considering the market has stabilized.

Featured image from Gemini, chart from TradingView