Coinbase’s bitcoin price premium widened sharply on 6 Feb as concentrated US spot buying lifted bitcoin back toward the $70,000 level.
Coinbase Bitcoin Premium Widens as US Spot Demand Drives Price Recovery
9 February 2026 - 16:12 CET
By Matt Neill
The divergence shows the influence of US-based spot demand on short-term bitcoin price movements, even as broader global participation has not recovered.
Bitcoin rose to about $70,639 from $68,055 during US trading hours on 6 Feb. Exchange-level data shows the move was driven almost entirely by buying on Coinbase and Binance, where prices traded at a sustained premium to offshore venues, according to Sandmark analysis.
Coinbase trading flows and price divergence
The Coinbase Index Premium widened between roughly 14:00 and 17:00 on 6 Feb, indicating bitcoin was consistently priced higher on Coinbase than on other large spot and derivatives exchanges.
Over the same period, Coinbase cumulative volume delta across spot and perpetual markets turned positive and reached its highest level since 24 Dec. Cumulative volume delta is commonly used to measure net aggressive buying or selling pressure.
Chart
Coinbase is a primary execution venue for US institutional investors and asset managers. Market participants frequently monitor the premium as a proxy for US spot demand relative to offshore markets.
US opportunistic buying?
The Coinbase-driven move occurred amid renewed public discussion around US-linked bitcoin accumulation. CNBC host Jim Cramer said in televised comments that the US was considering adding to its strategic reserve at the $60,000 price level and described bitcoin as a hedge against rising government debt.
There has been no confirmation from US authorities of new government bitcoin purchases. According to data compiled by BitcoinTreasuries.net, the United States holds 328,372 BTC valued at about $22.65bn, largely originating from law enforcement seizures since 2020.
The exchange-level data indicate that the price recovery was driven by spot buying rather than by derivatives positioning or broad-based leverage. Sustained moves typically require participation across multiple venues to reduce price gaps.
Bitcoin stabilized just below $70,000 late on 6 Feb as US trading hours ended. Coinbase spot bitcoin prices stood at around $69,612 as of 15:00 UTC today, down 0.5% from the Feb 6 peak. The Coinbase premium narrowed but remained positive, reflecting continued demand differences across exchanges.
