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What is happening with Bitcoin trading at a continuous significant discount on US platforms?
【BlockBeats】 Recently, Bitcoin’s performance on mainstream US trading platforms has been a bit disheartening. According to Coinglass data from January 11th, Bitcoin has been in a negative premium state for five consecutive days, with the latest quote at -0.126%. More notably, over the past 28 days, 26 days have been in negative premium. This is not a small signal.
Here’s a simple explanation of what this premium index is—it’s used to compare the price of Bitcoin on major US trading platforms with the global average price. In other words, it’s an important window into the flow of funds in the US market, institutional attitudes, and overall sentiment.
What does a positive premium (price above the global average) indicate? It suggests that buyers in the US are very active, institutions or compliant funds are actively entering the market, US dollar liquidity is ample, and investor sentiment is relatively optimistic. Conversely, a negative premium (price below the global average) reveals the other side—selling pressure in the US market is increasing, investors’ risk appetite is decreasing, risk aversion is spreading, or funds are flowing out. Twenty-six consecutive days of negative premium? This indeed reflects a recent cool attitude in the US market.