After a historic 60-day run, bitcoin’s (BTC) premium on Coinbase, a key indicator of robust U.S. investor demand, is dissipating, indicating a notable shift in market dynamics.

BTC’s Coinbase premium, which represents the percentage difference between the BTC/USD pair on Coinbase and the BTC/USDT pair on Binance, turned negative early Tuesday, marking the first such instance since late May, according to data source TradingView.

The negative flip indicates a renewed, relative weakening of demand from U.S. investors, supporting the case for an extended pullback in BTC’s price.

The Coinbase Bitcoin Premium Index is a measure of the percentage difference between the price of Bitcoin on Coinbase Pro (USD pair) and the price on Binance (USDT trading pair).

A positive value is widely seen as an indicator of robust demand from U.S. investors, especially institutions. The Nasdaq-listed cryptocurrency exchange is popular among U.S. investors, particularly large institutions, while Binance has a bigger user base worldwide.

Recent bull runs have been marked by bitcoin trading at a premium on Coinbase, reflecting stronger buying pressure from sophisticated U.S. traders and institutions.