Bitcoin’s Big Bounce: Is Coinbase Premium’s ‘Green Light’ Signaling the Return of the Institutional Buyers?

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Bitcoin‘s [BTC] Net Realized Profit/Loss (or as we like to call it, the “fluctuating emotional rollercoaster”) has been on a steady decline since late January, when the price hit the dizzying highs of $90,000. But alas, the market remembered it’s not always sunshine and rainbows and slid down into the abyss, causing the realized losses to spread like an unwanted viral trend.

By February 6, the Net Realized P/L was sporting a rather gloomy -$330 million, the kind of loss that might make even the most hardened investors want to curl up in a corner and cry. Around that time, Bitcoin’s price briefly dipped to the $63,000-$65,000 zone. It was like watching a spaceship try to land on a moving platform: shaky, chaotic, and not exactly a smooth process.

But fear not, for all was not lost in the land of Bitcoin. Slowly but surely, the selling pressure began to ease up like an over-caffeinated squirrel finally realizing it’s not a good idea to jump from tree to tree. Loss intensity started to drop, and the price stabilized as it made its way back to the comforting $68,000-$70,000 range. However, the Realized Losses were still the dominant metric, signaling that many holders were making a dash for the exit whenever the price made a minor upward move.

Yet, there were occasional flashes of green! Like lightning strikes in a thunderstorm, traders would lock in profits during brief rallies. For example, on February 25, Realized Profits exceeded $5 million per hour as BTC made a valiant climb to $69,400. Sadly, that small spark of upward momentum was snuffed out almost immediately, and the price stalled once more beneath the ever-elusive $70,000 barrier. Oh, the agony of it all!

URPD Data Reveals Bitcoin’s Hidden Treasure Between $60k and $70k

While profit-taking continues to keep Bitcoin’s momentum at a manageable pace, the on-chain supply data has a different story to tell. The Entity-Adjusted URPD data is like that quiet guy in the corner at a party who’s actually got all the juicy gossip. It reveals a rather dense concentration of Bitcoin accumulation within the $60,000-$70,000 range.

At first, supply distribution was like a game of musical chairs – fragmented and all over the place, especially below $60,000. But as prices approached the mid-cycle dip zone, things got much more organized. Accumulation surged like a swarm of bees after someone accidentally spilled honey. The biggest concentration of these brave dip-buyers was around $63,000-$64,000, where holdings expanded to nearly 850,000 BTC. It’s almost like they knew something we didn’t. Funny that.

This surge could indicate some rather aggressive dip buying as market participants gobbled up Bitcoin like a kid in a candy store. And as the pullback slowed down, that $63,000-$64,000 zone turned into a liquidity stronghold. Think of it like Bitcoin’s version of a bunker during a financial apocalypse.

Further up, there’s even more clustering, with layers of supply between $65,000 and $69,000. You could call it a “Bitcoin buffet” with some serious portions. But all these layers could reinforce the underlying demand structure forming beneath the price. A supply-side game of Tetris, if you will.

As a result, this recent correction has redistributed Bitcoin into stronger hands. With over 400,000 BTC accumulated in the $60,000-$70,000 range, this area now acts like a sturdy foundation – a structural support base for Bitcoin’s future price movements. Or at least, we hope so. No pressure, Bitcoin.

Coinbase Premium Turns Positive – Is U.S. BTC Demand Finally Back from Vacation?

And just when we thought things couldn’t get any more dramatic, the Coinbase Premium Gap decides to flip positive, reaching a glorious +14.7% on February 27 after nearly four months of trudging through negative territory. It was like the Bitcoin market suddenly woke up from a nap, stretched, and thought, “Hey, maybe we should go buy some more Bitcoin.”

In the dark days of the past, the premium had been deeply negative, almost approaching -200, while Bitcoin’s price meandered towards $67,900. This period reflected weaker U.S. demand compared to the global exchanges. The kind of situation where you wonder if the U.S. just forgot they were supposed to be interested in Bitcoin.

But now, the Coinbase Premium is flashing some signs of life, and that could mean U.S. buyers are once again paying a premium for Bitcoin. Historically, such premiums were a precursor to Bitcoin’s epic rise from below $100,000 to nearly $125,000 back in October-November 2024. Ah, the good old days of skyrocketing prices, when we all thought the moon was just the next stop on Bitcoin’s world tour.

Of course, we’ve seen a few short-lived green spikes since late 2024. So, before we get too excited and start planning our Bitcoin-buying parties, we’ll need three to five consecutive positive sessions to confirm that the institutional buyers are actually back from their coffee breaks. Only then can we confidently say that this is not just another brief demand resurgence.

Final Summary

  • Bitcoin’s realized capitulation has cooled off, but momentum remains capped, like a balloon just waiting to pop.
  • The $60,000-$70,000 range is a hotbed for Bitcoin accumulation, and the Coinbase Premium may just be the cherry on top for future gains.

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2026-02-28 09:59