The performance of Bitcoin on major US trading platforms over the past two weeks has attracted attention. According to Coinglass data, the platform's BTC premium index has been in negative territory for 14 consecutive days, currently at -0.08%. What does this mean? In simple terms, negative premium reflects the true sentiment of US investors—rising selling pressure and increased risk aversion. Funds are flowing out of exchanges, and buying power is waning. This usually indicates that market participants' risk appetite is decreasing, and cautious sentiment dominates in the short term. From another perspective, two weeks of continuous negative premium is not a random fluctuation but a sustained market signal.