On May 21, the Bitcoin Coinbase Premium Index (CPI) climbed to 0.05, its highest level since April 27, based on data from CryptoQuant. The chart shows a steady increase in Bitcoin’s CPI from May 8, when the index dropped briefly into negative territory at -0.008, before beginning its upward trend.
The CPI measures the price difference between Bitcoin on Coinbase, a major U.S. exchange, and Binance, a global platform. When the value is above zero, it indicates Bitcoin demand is stronger among US Bitcoin traders, as they are willing to pay more for BTC on Coinbase. When the index falls below zero, it shows the opposite trend—less buying interest on the U.S. exchange.
From May 9 to May 21, the CPI stayed above the zero line, fluctuating between 0.005 and 0.037, before reaching 0.05. The spike on May 21 directly aligned with Bitcoin’s price surge to $111,888, a new Bitcoin all-time high.
This upward CPI movement reflects sustained accumulation from US Bitcoin traders. The strongest jump happened between May 20 and May 21, where CPI increased from approximately 0.025 to 0.05. This shift shows growing willingness among U.S. participants to buy Bitcoin at a premium, especially as the price approached a new record.
CryptoQuant, the source of the data, confirmed that this level of premium had not been recorded in 24 days. It signals that both institutional and retail buyers based in the United States contributed to the rally, as they actively purchased BTC on Coinbase at higher-than-global-average prices.
The consistent upward trend in CPI suggests broader interest in Bitcoin from U.S. markets, not limited to a single-day price movement. It also aligns with other indicators of increasing Bitcoin demand, including rising BTC ETF inflows and positive Chaikin Money Flow readings.
BTC ETF Inflows Surge to $609 Million in One Day
On May 21, BTC ETF inflows reached $608.99 million, marking the highest single-day inflow in nearly a month. The data comes from SoSoValue and shows a significant jump from the $329.02 million inflow recorded on May 20.
This surge represents the sixth consecutive day of net positive BTC ETF inflows. The inflows also pushed the total net assets of Bitcoin ETFs to $129.02 billion, the highest level recorded in May. This trend indicates a growing shift of capital from traditional markets into Bitcoin through regulated products.
The bar chart shows that inflows remained steady from May 7 to May 8, each day recording around $150 million. On May 9, inflows climbed to approximately $400 million, then dipped slightly over the next few days. The only visible outflow occurred on May 13, where the chart shows a red bar indicating net redemptions.
From May 14, inflows turned positive again. On that day, BTC ETFs saw about $250 million in inflows. The trend continued, rising through May 16 and May 20. The highest spike came on May 21. That day, nearly $609 million entered BTC ETFs.
The chart also shows steady growth in total net assets. The black line represents this trend. Assets rose from just under $125 billion to $129.02 billion in two weeks.
Meanwhile, the orange line tracks the Bitcoin price. It climbed from around $102,000 on May 7. By May 21, it reached over $108,600.
The increase in both price and net asset value highlights that Bitcoin demand is growing across multiple channels. The inflows into ETFs reflect stronger participation from US Bitcoin traders, who prefer gaining exposure through regulated products rather than direct crypto exchanges.
The consistent trend of BTC ETF inflows, especially the sharp rise on May 21, supports the broader view of U.S.-led accumulation during Bitcoin’s climb past the $110,000 mark.
Bitcoin Hits $111,158 With RSI in Overbought Zone
On May 22, 2025, Bitcoin opened at $109,696, reached a high of $111,888, and closed at $111,158, gaining +1.35% on the day. The daily chart from Bitstamp shows Bitcoin moving higher after a consistent uptrend that began in late April.
The 50-day Exponential Moving Average (EMA) currently sits at $96,959. The price continues to hold well above this level, indicating strong upward momentum. This EMA acts as dynamic support, and Bitcoin has not tested it since early May, showing that short-term buyers remain in control.
The Relative Strength Index (RSI), a momentum indicator that measures the speed and change of price movements, reads 77.41 on the 14-day period. A value above 70 places Bitcoin in the overbought zone, suggesting that the asset has seen strong buying in recent sessions. However, RSI overbought conditions alone do not confirm a reversal. Instead, they highlight the strength of current momentum.
The RSI line remains well above the yellow signal line (currently at 71.95), showing no immediate sign of divergence. This indicates that price gains are still supported by underlying momentum.
Daily trading volume stands at 626 BTC, which is moderate compared to recent sessions. Volume levels have not spiked sharply, but they continue to support the upward move. This shows that the rally is not driven by sudden speculative bursts, but by steady accumulation.
Candlestick patterns reflect a clear bullish trend, with higher highs and higher lows forming over the past three weeks. Price action remains clean, and no bearish patterns appear on the chart for now.
Bitcoin holds well above the 50-day EMA and trades near its recent all-time high of $111,888. The RSI remains in overbought territory, signaling strong demand. As long as the price stays above the EMA and RSI remains elevated without divergence, Bitcoin’s chart structure remains bullish from a technical standpoint.
