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Bitcoin has been trading at a discount on US platforms for 14 consecutive days. What does this really indicate?
【Blockchain Rhythm】Latest data as of December 28 shows that the premium index of Bitcoin on a major US mainstream trading platform has been in negative territory for 14 consecutive days, with the latest quote at -0.0702%.
What does this number imply? Simply put, the premium index measures the difference between Bitcoin prices on a specific platform and the global market average, serving as a key window into US market capital flow and investment sentiment.
When the premium is positive, it indicates that the platform price is above the global average—usually a sign of strong US buying interest, active institutional and compliant investors, ample dollar liquidity, and an optimistic market mood. However, a negative premium for 14 days is a different story. Negative premium means the platform price is below the global average, often reflecting several phenomena: increasing selling pressure in the US market, declining risk appetite among investors, heightened risk aversion, and even signs of capital outflows.
From a broader perspective, this sustained negative premium state tests the confidence of US market participants. A day or two of negative premium may not be surprising, but more than two weeks of such performance warrants attention. It suggests that the US market’s liquidity and sentiment are currently in a relatively cautious phase.