Profit-taking by Bitcoin traders pushed the Coinbase BTC premium to a six-week low, but demand from longer-term traders put a clear support under the range lows. Bitcoin (BTC) demand on Coinbase points to early signs of market stabilization as BTC reclaimed the upper bounds of its range highs. The 14-day trend of the Coinbase Premium Index has remained in an uptrend, suggesting steady buyer interest despite traders taking $1.14 billion in profits, which pushed the daily Coinbase premium to a six-week low. The Coinbase Premium Index dropped to -0.087 on May 19, its weakest reading since March 31. A negative premium means Bitcoin traded at a lower price on Coinbase than on Binance, signaling softer demand from US-based buyers. BTC profit-taking accelerated as it rallied to $82,000 and holders realized 14,600 BTC ($1.14 billion) in daily profits on May 4. CryptoQuant noted unrealized profit margins climbed to 17.7% on May 5, the highest level since June 2025. Bitcoin net realized profit and loss. CryptoQuant However, the longer-term trend for Coinbase paints a steadier picture. The 14-day simple moving average (SMA) of the premium index has remained above its February lows. Similar recoveries in the moving average preceded renewed spot demand on Coinbase during March 2025, shortly before Bitcoin pushed toward $110,000 in April-May 2025. The daily premium readings still sit below zero, though the rising SMA points to easing sell-side pressure. Bitcoin also continues to hold above the $70,000–$75,000 range, a zone that previously attracted strong spot accumulation. Bitcoin Coinbase Premium 14-day SMA. CryptoQuant