The Coinbase Premium Index Has Been Driving Bitcoin for the Past Two Years! On the chart above, you can see Bitcoin’s price on top and the Coinbase Premium Index on the bottom, both displayed on a weekly time frame. The Coinbase Premium Index measures the trading sentiment of U.S.-based investors—typically institutional players and whales—toward Bitcoin. When the index turns positive, buying pressure increases in the U.S.; when it turns negative, sellers dominate. Looking at the chart, this relationship is clear: during periods when the index remained positive, Bitcoin rose from $41K to $126K; during periods when it turned negative, it declined from $126K to around $60K. Regarding the current situation, the weakening of negative pressure on the Coinbase Premium Index has generated a limited positive effect on price. The index had been hovering in neutral territory, but recently turned positive, and Bitcoin is now trading around $73K. For the upward movement to continue, sustained positivity in the index is essential. It is still too early to interpret the current price movement as a permanent reversal.