[DigitalToday, intern reporter Seung-a Yoo] A signal has emerged that U.S. demand for bitcoin (BTC) is weakening.

On Oct. 13 (local time), blockchain media outlet CryptoPolitan reported that the Coinbase premium index, a gauge of demand in the U.S. market, fell to its lowest level since July. The price gap between Coinbase and global markets was minus 0.19 percent. The gap itself is not large, but it suggests buying by U.S. investors has weakened.

In October, the Coinbase premium index widened its negative reading, and bitcoin moved between $80,000 and $85,000. It rebounded from a summer low, but there was no strong follow-on buying, and an analysis says selling pressure from large U.S. investors continued.

Analyst Darkfrost said the Coinbase premium index largely reflects the trading flow of institutional investors. Unlike Coinbase, which is centered on professional investors, Binance has a broad mix of participants, including retail investors and large investors with a higher risk appetite. U.S. professional investors have recently maintained a conservative stance and taken profits rather than buying aggressively in the rebound.

U.S. institutional investors also respond sensitively to geopolitical tensions over the Iran war and domestic economic and market variables. Slower institutional demand for bitcoin is not being offset by buying from retail investors on Binance alone. Demand during U.S. trading hours is also linked to changes in bitcoin holdings of exchange-traded funds (ETFs).

Global uncertainty and higher energy prices were also cited as factors that curb institutional investment in risk assets. Bitcoin, because of its high volatility, is not being actively chosen as an inflation hedge, and an analysis says spare funds are moving into stocks, technology shares and the S&P 500 index.

On-chain data, however, show accumulation continuing. The number of addresses holding 100 to 1,000 bitcoins rose to a record 20,384. In 2026, wallets in that range increased by about 1,000. Existing long-term holders are maintaining their positions, but mining firms have reduced activity and increased sales of their bitcoin holdings.

Market sentiment has returned to neutral levels. A bitcoin sentiment index fell to 55 points after being above 70 points in the greed zone. Long position liquidations during a recent slide in prices to around $81,000 were cited as a key factor.

Demand trends remain mixed. Bargain hunting flows in when bitcoin nears $80,000, and companies holding bitcoin as a treasury asset are also maintaining holdings or buying more. Futures demand has recovered in October, but spot demand remains weak.

Bitcoin volatility over the past 30 days rose to 1.52 percent from 0.90 percent in August. The absolute level of volatility remains historically low, but it shows market participants are trading cautiously and responding quickly to changes rather than holding for the long term with conviction. The durability of any rebound is expected to be influenced by whether U.S. institutions restore spot buying.