There is an interesting phenomenon worth noting. Recently, the price of Bitcoin on a certain compliant platform has been consistently below the global average, with three consecutive days of negative premium, currently at -0.0837%. Even more astonishing, over the past month, there have been 25 days in negative premium.

What does this indicate?

First, let's explain what the premium index is — it compares the Bitcoin price on a certain compliant platform (mainstream US trading platforms) with the global average price. It reflects the capital flow, institutional interest, and overall sentiment in the US market.

**What does a positive premium mean?** When the price is higher than the global average, it indicates that US buyers are actively accumulating. You can see that the US market has strong buying interest, institutional funds are actively entering, US dollar liquidity is abundant, and overall market sentiment is optimistic.

**Now that it's negative premium, the situation is reversed.** There is more selling pressure in the US, investors are becoming cautious, and risk appetite is sharply declining. This usually means the market is starting to be filled with risk-averse sentiment, or US funds are quietly fleeing.

Twenty-five consecutive days of negative premium? This suggests that the cautious attitude in the US market has become the norm, not just short-term fluctuations. Institutional and compliant funds seem less optimistic than before.