Bitcoin's U.S. institutional demand weakens as Coinbase premium turns negative again.

Bitcoin is showing signs of weakening U.S. institutional demand as the Coinbase premium, an indicator of U.S.-based buying interest, has slipped back into negative territory. Data from CryptoQuant reveals fluctuating netflows on Coinbase, with large outflows followed by small inflows, suggesting cautious repositioning rather than strong buying. Additionally, trading volume on Coinbase Prime, a platform favored by institutions, has declined by about 9%, indicating a more selective and cautious approach by U.S. investors. These signals imply that institutions are adopting a wait-and-see stance, which could affect Bitcoin's near-term price dynamics as market participants look for sustained demand beyond retail investors.