[Analysis] "Bitcoin shows signs of recovering sentiment among U.S. investors… but a strong bullish reversal is still not in place"

An indicator has emerged suggesting that U.S. investors’ demand for digital assets (cryptocurrencies) is recovering.

On the 21st (KST), CryptoQuant contributor Axel Adler Jr. said on X (formerly Twitter) that “the Coinbase Premium, an indicator reflecting capitulation by U.S. investors, has turned positive.”

The Coinbase Premium is an indicator that measures the price gap of Bitcoin (BTC) between the U.S.-based exchange Coinbase and global exchanges, and it can be used to gauge the strength of U.S. investment demand.

Over the past few weeks, the Coinbase Premium remained in negative territory.

However, Adler Jr. said, “It’s hard to say the indicator has fully turned positive yet,” adding that “a strong U.S.-led upward momentum has not been confirmed.” He continued, “The market may have entered a short-term stabilization phase,” but added that “additional confirmation of demand is needed to judge that it has shifted into a bull market.”