Bitcoin flipped a small but notable technical switch this week when the Coinbase premium moved back above zero, ending a run of negative readings that began after heavy selling on February 6.
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 uptick of 0.40%.
Yet other spot indexes told a different slice of the story: CoinMarketCap listed BTC near $65,070 and flagged a roughly 3% drop for the day.
Those gaps are normal: futures, spot feeds, and aggregate trackers can diverge. What matters here is the premium’s direction — it had been negative for much of February and then crossed into positive territory.
Coinbase Bitcoin Premium has flipped positive for the first time since the Feb 6th bottom.
It looks like institutions are done with selling for now. pic.twitter.com/rUYgxO2Fo8
— Ted (@TedPillows) February 23, 2026
Coinbase is widely used by big US buyers, so a positive premium is read by many traders as a hint that domestic spot demand is outpacing offshore pressure.
But a flip above zero is only a starting signal. The size of the spread, how long it holds, and whether exchange inflows back up the move are the things that turn a signal into a trend.
Small, short-lived flips can be caused by temporary liquidity differences or quick arbitrage trades. Larger, sustained spreads are the ones that tend to matter to portfolio managers.
Geopolitics And Market Mood
Market watchers are also pointing to broader factors. Rising tensions between the US and Iran, along with talk about tariff adjustments linked to US President Donald Trump, have driven investors toward safer assets in recent sessions.
That mood has at times pushed BTC below important technical cushions near $65,000, and some sessions saw brief dips under $64,000 before a few calm windows allowed minor rebounds. When fear spikes, crypto often feels it first.
Derivatives, Volume, And Technical Levels
Futures activity on Binance and other platforms stayed busy, even if volume didn’t show the sort of surge that precedes big breakouts. Reports put daily trading volume near $45.71 billion while market cap sat close to $1.30 trillion.
Funding rates, open interest, and exchange inflows are being monitored closely; each can either confirm or undercut the message from the Coinbase premium. A rising open interest that aligns with a growing premium would be more persuasive than a lone spread tick.
Encouraging Signs
A Coinbase premium turning positive offers a hopeful signal after weeks below zero, but it doesn’t confirm a sustained rally. Investors will be tracking how large the spread is, whether Coinbase sees significant inflows, and if funding rates and open interest support the move. Traders are likely to wait through the next sessions for clear signs before considering the market stabilized.
Featured image from Gemini, chart from TradingView
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