The Coinbase premium indicator for Bitcoin (BTC), which compares the price of BTC in dollars on Coinbase to its price in Tether on Binance, has turned negative for the first time since the crash on February 3, according to Coinglass data.

This shift suggests that U.S. investors on Coinbase are becoming more cautious ahead of the release of the U.S. Consumer Price Index (CPI) on Wednesday. Meanwhile, international traders appear to be leading the charge in the price recovery, pushing Bitcoin from recent lows near $94,900 to around $96,000.

Historically, periods of bullish momentum have been marked by a premium on Coinbase, reflecting stronger buying activity from U.S. investors. For example, during early November, the premium surged to a two-month high as Bitcoin broke above $70,000.