The Coinbase Premium, which tracks the price difference between BTC/USDT pairs on Coinbase and Binance, dropped to a monthly low of -0.079 on Tuesday. This indicator has remained largely negative throughout 2026, reflecting a decline in investor interest compared to the peak of $126,200 recorded in October 2025.
The decline in US-based demand follows the US Senate's failure to pass the CLARITY Act, which did not secure the required 60 votes. Analysts suggest that the legislation is unlikely to return to the debate stage before 2027, creating downward pressure on Bitcoin prices.
On-chain data from CryptoQuant indicates a divergence in trading behavior between exchanges. While Binance saw an increase in cumulative volume delta, selling pressure remained dominant on Coinbase. Analyst Willy Woo noted that US investors are actively selling, while global offshore markets continue to accumulate.
Short-term Bitcoin holders, defined as those holding assets for less than six months, moved up to 34 000 BTC to exchanges within a 24-hour window. Approximately 23 200 BTC were transferred at a loss, marking the largest capitulation event for this investor group over the past month.
