Bitcoin's price surged past $85,200, its highest in over eight months, driven largely by a short squeeze that liquidated over $260 million in shorts within an hour. However, the Coinbase Premium Index, which measures US institutional demand by comparing Coinbase and Binance prices, turned negative again, indicating weak buying interest from US investors. This suggests the rally is fueled more by leverage and short covering than by strong spot demand. The Federal Reserve's recent rate hike and rising Treasury yields contribute to cautious sentiment among US buyers, making sustained price gains dependent on a return to positive premium territory and confirmed buying pressure from US institutions.
Bitcoin's recent price surge to over $85,200 contrasts with the Coinbase Premium Index turning negative, signaling cautious US institutional demand. For readers following cryptocurrency markets, here is Pluang's market snapshot as of Sep 21, 2026 17:21 WIB: out of 50 major cryptocurrencies, 45 rose and 4 fell today. Notable movers include LUNC at Rp0,99 with a 9.60% increase and a typical hold time of 193 days, ADA at Rp4.248 up 9.48% with a 126-day hold time, and SNX at Rp4.172 rising 8.59% but with 92% sell order activity on Pluang.
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