Bitcoin (BTC) demand on Coinbase shows early signs of market stabilization as BTC regained the upper bounds of its highs. The Coinbase Premium Index’s 14-day trend continues to trend higher, suggesting continued buyer interest even as investors posted a $1.14 billion gain that pushed Coinbase’s daily premium to a six-week low.
Coinbase demand stabilizes on negative readings
Coinbase Premium Index dropped to -0.087 on May 19, the weakest reading since March 31. The negative premium means that Bitcoin was trading at a lower price on Coinbase than on Binance, signaling less demand from US buyers.
Taking BTC profits accelerated as it rose to $82,000, and on May 4, holders realized 14,600 BTC ($1.14 billion) in daily profits. CryptoQuant saw unrealized profit margins enhance to 17.7% on May 5, the highest level since June 2025.
Bitcoin net realized profits and losses. Source: CryptoQuant
However, the long-term trend for Coinbase paints a more stable picture. The premium index’s 14-day straightforward moving average (SMA) held above February lows. A similar moving average recovery preceded the resumption of spot demand on Coinbase in March 2025, shortly before Bitcoin reached $110,000 in April-May 2025.
Daily premium readings continue to be below zero, although the rising SMA indicates that selling pressure is easing. Bitcoin continues to trade above the $70,000-$75,000 range, a zone that has previously seen forceful spot accumulation.
Bitcoin Coinbase Premium 14-day SMA. Source: CryptoQuant
Crypto analyst Amr Taha excellent activity on the Coinbase-connected network remained elevated during the latest pullback. Base Blockchain revenue rose to nearly $972,000 on May 19, exceeding late-March levels, even as Coinbase’s premium gap remained negative.
The discrepancy highlights the network’s continued participation in the Coinbase ecosystem as spot demand gradually recovers.
Daily total blockchain revenue by various protocols. Source: CryptoQuant
Related: This Bitcoin pricing model assumes a “conservative” 255K. dollars by the end of the year
BTC price is receiving support from the key daily trend
The daily BTC chart continues to remain bullish after rejecting near $82,000. The price continues to hold above the 100-day exponential moving average (EMA) near $76,800, which provides key vigorous support.
The current repeal remains within the $76,000-$77,000 fair value gap, keeping buyer activity at levels similar to recent accumulation levels. A recovery in this zone could reopen the path towards $80,000-82,000, while the larger supply area around $86,000-90,000 is higher.
BTC/USDT, one-day chart. Source: Cointelegraph/TradingView
$74,800 remains a key level, and a daily close below that price would mark the first bearish breakout from the current higher low pattern and shift attention to the psychological support level of $70,000.
Futures data continues to support resilient demand. CryptoOnChain market analyst reported that Bitcoin’s 30-day moving average net recipient volume fell to $58 million on May 18 from $243 million in April. However, during the latest correction, this indicator remained positive, indicating that BTC futures buyers continue to absorb selling pressure near the current price.
Net BTC recipient volume. Source: CryptoQuant
Related: Bitcoin Sees Fresh US Selloff as Markets Wait for Nvidia’s ‘Biggest Earning Event’
