Bitcoin steadies near $77,000 as Coinbase Premium turns -$66.8, raising spot-demand doubts

Bitcoin traded around $77,000–$77,200 while U.S. spot sentiment weakened, highlighted by a Coinbase Premium reading of -$66.8. Total demand growth flipped below the neutral zero line in May after previously rising above 150,000 BTC, even as derivatives activity continued to drive positioning. Analysts say the recovery looks increasingly fragile unless organic spot accumulation and institutional inflows strengthen again.