Bitcoin made a small but notable technical switch this week as the Coinbase premium moved back above zero, ending a streak of negative readings that started after the heavy selling on February 6.
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Coinbase Premium flips above zero
According to market data published on February 23, 2026, Bitcoin was trading around $66,150 on Binance futures at one point, showing a brief hourly increase of 0.40%.
Still other spot indexes told a different part of the story: CoinMarketCap BTC traded close to $65,070 and recorded a decline of around 3% for the day.
These gaps are normal: futures, spot feeds and aggregated trackers can diverge. What matters here is the direction of the premium: it had been negative for most of February and then moved into positive territory.
Coinbase Bitcoin Premium has turned positive for the first time since the February 6 bottom.
It looks like institutions are done selling for now. pic.twitter.com/rUYgxO2Fo8
— Ted (@TedPillows) February 23, 2026
Why traders worry about the premium
Coinbase is widely used by large US buyers, so a positive premium is read by many traders as an indication that domestic spot demand is exceeding offshore pressure.
But a somersault above zero is just a start signal. The size of the spread, how long it lasts and whether foreign exchange inflows support the move are the things that turn a signal into a trend.
Small, short-term price fluctuations can be caused by temporary liquidity differences or rapid arbitrage transactions. Larger, sustained spreads are often of interest to portfolio managers.
Geopolitics and market sentiment
Market watchers also point to broader factors. Rising tensions between the US and Iran, along with talking about rate adjustments linked to US President Donald Trump have driven investors towards safer assets in recent sessions.
That mood has sometimes led to it BTC below key technical levels near $65,000, and in some sessions there were brief dips below $64,000 before a few quiet periods allowed small rebounds. When fear mounts, crypto is often the first to feel it.
Derivatives, volume and technical levels
Futures activity on Binance and other platforms remained busy, even as volume did not show the kind of surge that precedes major breakouts. Reports estimate the daily trading volume at nearly $45.71 billion, while the market capitalization was almost $1.30 trillion.
Financing rates, open interest and currency inflows are closely monitored; each can confirm or undermine the message of the Coinbase bounty. Rising open interest to match a growing premium would be more compelling than a single spread tick.
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Encouraging signs
A Coinbase premium turning positive offers a hopeful signal after weeks below zero, but does not confirm an ongoing rally. Investors will monitor how wide the spread is, whether Coinbase sees significant inflows, and whether funding rates and open interest support this move. Traders will likely wait until the next few sessions for clear signs before considering the market as stabilized.
Featured image of Gemini, chart from TradingView