Do you remember last week when Bitcoin dropped to around $60k? Since then, the rebound has been quite rapid. It has now risen to about $71,500, recovering over 15% from its lowest point. However, on a weekly basis, it still shows a loss of roughly 10%.

What’s interesting is the signal that appeared during this rebound process. Looking at Coinbase’s premium index, it had fallen to -0.22% during the sharp decline, but now it has risen to around -0.05%. It’s still negative, but the change is noticeable. This can be interpreted as a sign that U.S.-based institutional investors have selectively started buying at lower prices. The easing of forced selling pressure suggests that executive decision-makers are beginning to move.

But here’s an important point to note. The index has not turned positive, which means widespread buying has not yet occurred. When looking at exchange trading volumes, they are still much lower than the peak at the end of 2025, and spot trading is gradually decreasing. With low liquidity, even small sell-offs can easily move the price.

XRP is showing a similar movement. It dropped from $1.36 to $1.33, which indicates that the decline was driven not by liquidity but by strong selling pressure. Currently, below $1.35 acts as a resistance level, and trading volume is also decreasing, so there’s a high likelihood that the bearish trend will continue for the time being.