A recent shift in the Coinbase premium gap suggests a potential bullish setup for Bitcoin. The metric, which compares Bitcoin prices on Coinbase to those on other global exchanges, has turned red indicating weaker demand from U.S.-based investors compared to international markets. This pattern mirrors a similar development before a 60% price surge of Bitcoin to its all-time high in April this year. While the negative gap might initially appear bearish, history suggests otherwise. In March and April 2024, the Coinbase premium also dropped into negative territory, preceding a significant 60% rally. One explanation is that U.S. institutions were temporarily sitting out before demand abroad quietly ramped up – driving a major breakout. Coinbase’s red gap alone doesn’t guarantee another surge in Bitcoin prices, but it serves as a critical signal for traders closely watching the market. Combined with factors such as expanding stablecoin supply and potential ETF inflows, this could be an indicator of a brewing bullish trend. If history repeats itself, we might witness another explosive price move once demand returns.