The Coinbase Premium Index stayed positive for three weeks, signaling strong U.S. demand for Bitcoin.
If accumulation continues, BTC may break $110K and flip it into support—failing which, a pullback to $106,204 is likely.
For the first time in 2025, the Coinbase Premium Index held within positive territory for three consecutive weeks. According to Alphractal, this indicated that the U.S. investors are back in the market and are buying BTC.
U.S. investor demand powers Bitcoin’s recent rally
Source: Alphractal
When BTC trades at a premium on Coinbase, it reflects stronger buying interest from American participants, and this time, they’re back in full force.
Source: Glassnode
This demand for Bitcoin is currently strong across all market participants, from whales to small traders.
For starters, whale activity has surged over this period. As per Glassnode, since dropping in late April, the number of Bitcoin whales holding at least 1,000 BTC began climbing again.
Amid this upswing, whale wallets have spiked, reaching 1,455 entities as the price hit a new ATH. This suggests that whales are aggressively accumulating BTC despite the recent rally.
Source: CryptoQuant
Smaller buyers are not far behind
Retail participation has mirrored whale behavior.
This is evidenced by the fact that the Taker Buy Sell Ratio on CryptoQuant turned positive again, signaling that more market takers were executing buy orders than sell orders.
In short, demand was broad, not just top-heavy.
Source: CryptoQuant
This accumulation from large wallets and small wallets has seen Bitcoin become even more scarce.
Bitcoin’s Stock-to-Flow Ratio surged over the past day from 41k BTC to 45k BTC. This marked a 4k increase in Bitcoin’s scarcity.
A rising scarcity reflects strong accumulation, with less BTC available for immediate selling. Often, a higher scarcity precedes a rise in prices if demand rises further or even remains constant.
What’s next for BTC?
Undoubtedly, Coinbase is experiencing a surge in activity from both large and small holders. This reflects the overall market conditions, with whales and retailers all turning to Bitcoin accumulation.
Although the market shared concerns after $150 million worth of BTC was moved through Coinbase, overall sentiments among U.S. investors remain bullish.
This could probably be because these BTCs transferred by whales into Coinbase were not sold, but whales were repositioning themselves.
If this accumulation trend continues, Bitcoin could revisit $110K for the fourth time. This time, if price holds above that level, it may finally flip into strong support, paving the way for a breakout to new highs.
However, if whale transfers turn into selling, BTC could face a quick correction down to $106,204.
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