Bitcoin turned a small but significant technical change this week when the Coinbase premium moved back above zero, ending the negative reading that began after the heavy sell-off 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 the same time, indicating a short hourly rise of 0.40%.
Yet other local indicators told a different piece of the story: CoinMarketCap listed BTC near $65,070 and marked a roughly 3% drop for the day.
Those spaces are common: futures, spot feeds, and integrated trackers can be separated. The key here is the direction of the premium – it was negative for most of February and then moved into positive territory.
Coinbase Bitcoin Premium turned positive for the first time since the bottom on 6 Feb.
It looks like the centers are done selling for now. pic.twitter.com/rUYgxO2Fo8
— Ted (@TedPillows) February 23, 2026
Why Traders Care About Premium
Coinbase is widely used by large US traders, so the positive premium is read by many traders as an indication that domestic demand is outpacing offshore pressure.
But a flip above zero is the first signal. The size of the spread, how long it holds, and whether the exchange’s income reverses the move are the factors that turn a signal into a trend.
Small, short-lived flips can be caused by temporary differences in liquidity or quick arbitrage trades. Large, continuous spreads are what often matter to portfolio managers.
Geopolitics and Market Situation
Market watchers also point to broader factors. Growing tensions between the US and Iran, as well as talk about tax reform linked to US President Donald Trump, drove investors into safe-haven assets in recent sessions.
That situation has at times pushed BTC below key technical cushions near 65,000, and other sessions saw brief dips below 64,000 before a few calm windows allowed for a minor rally. When fear grows, crypto often feels it first.
Output, Volume, and Technical Levels
Futures activity on Binance and other platforms is always busy, even if the volume doesn’t show the kind of surge that precedes a major breakout. Reports put the daily trading volume close to $45.71 billion while the market cap is close to $1.30 trillion.
Funding levels, open interest, and exchange penetration are closely monitored; each can confirm or deny a message from Coinbase premium. A growing open interest coupled with a growing premium can have a greater impact than a single spread tick.
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Encouraging Signs
Coinbase premium turning positive gives an optimistic signal after weeks of sub-zero, but does not guarantee a continued rally. Investors will be tracking how wide the spread is, whether Coinbase sees significant inflows, and if currency rates and open interest support the move. Traders may have to wait for the next few sessions for clear signals before assuming that the market is stable.
Featured image from Gemini, chart from TradingView
