Bitcoin demand is gone for 46 days, here’s what this analyst says investors should know

A key gauge of U.S. institutional Bitcoin demand has been flashing the same warning signal for nearly seven weeks, according to crypto analyst Ali Martinez, who posts on X as Ali Charts. 

Martinez highlighted the ongoing streak in a post late Tuesday.

Forty-six days without a positive reading

Martinez pointed to the Coinbase Premium Index, which has remained below zero since mid-May, a 46-day stretch in negative territory. 

The metric tracks the price gap between Bitcoin on Coinbase and offshore exchanges, and a negative reading means Bitcoin has been trading cheaper on Coinbase than on international venues.

That gap matters because Coinbase is widely viewed as the primary on-ramp for U.S. institutional capital. A sustained negative premium, in Martinez’s framing, suggests that buying pressure from American institutions has effectively dried up over this period.

Martinez tied the signal to a broader trend already visible in spot Bitcoin ETF flows, where U.S.-listed funds have faced consecutive weeks of net capital flight.

The two data points, taken together, paint a consistent picture rather than an isolated anomaly, institutional demand pulling back across multiple channels at once, rather than just one indicator looking weak in isolation.

Related: Analyst compares Saylor’s Strategy to bankrupt crypto company

Smart money waiting on the sidelines

Martinez’s read on the underlying cause centers on macroeconomic uncertainty. Rather than exiting the market outright, U.S. institutional capital appears to be parked on the sidelines, waiting for clearer macro signals before re-entering an accumulation phase.

“A negative premium means BTC is trading cheaper on Coinbase, suggesting that U.S. institutional buying pressure has dried up,” Martinez wrote.

That distinction matters for how the data should be interpreted. 

A prolonged negative premium doesn’t necessarily indicate panic selling, it points more toward a pause in fresh buying, with large allocators choosing to wait rather than commit new capital into uncertain conditions.

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“American smart money appears to be sitting on the sidelines, waiting for macroeconomic clarity before re-entering the accumulation phase,” the analyst wrote in the post.

Why the streak’s length stands out

Forty-six days is a meaningful stretch for this particular indicator to remain in negative territory continuously. 

Short dips below zero are common during routine volatility, but a streak this long suggests something more structural than a temporary lull, a sustained pullback in the specific buyer base that has driven much of Bitcoin’s institutional narrative over the past two years.

Whether the streak breaks in the days ahead will likely depend on the same macroeconomic clarity Martinez says institutions are waiting for.

Until that arrives, the data suggests U.S. smart money remains content to watch from the sidelines rather than step back into the market.

Related: Veteran trader says one trend could send Bitcoin to $1 million

This story was originally published by TheStreet on Jun 25, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.