Recently, traders paying close attention may have noticed an interesting phenomenon — during the Asian trading session when the market was still consolidating, the Bitcoin price on a certain compliant platform has been lagging behind the mainstream Asian exchanges.

How much exactly? Data from the past hour shows that the BTC quote there is about 0.1% lower. It sounds negligible, but to professional arbitrageurs, this is like a red flag flashing in the dark.

Even more striking is this trend — since the 15th of this month, the BTC price on that compliant platform has been below the global average for 11 consecutive days. This is not random fluctuation; market depth data clearly points to a signal: North American funds seem to be shifting roles, from buyers to dominant sellers.

So, who is behind this?

Several possibilities are in front of us:

Some U.S. regulatory funds or ETF managers might be adjusting their positions, which is tactical. As the quarter-end approaches, some institutions might be selling off assets for tax planning purposes. Additionally, before major economic data releases, they might be using crypto assets as liquidity, which can all explain this phenomenon.

This ongoing regional price discount is like an "invisible sound" of distribution. It’s not a frantic dump, but a rhythmic, continuous injection of supply into the market. On-chain data also confirms this — the amount of BTC flowing out from that compliant platform during the same period has indeed been gradually increasing.

What does this mean for the market? When the world’s largest and most regulated trading market continues to show a discount, it’s usually more than just short-term volatility. There are deeper shifts in fund attitudes behind it.