Bitcoin has been falling in the US for 14 consecutive days, and the premium index has turned negative. What's going on in the market?

【BlockBeats】Recently, a phenomenon worth noting has emerged—Bitcoin has experienced consecutive negative premiums in the US market. As of December 28, according to Coinglass data, the premium index of Bitcoin on a certain compliant platform has been negative for 14 consecutive days, currently at -0.0702%.

What is the premium index? Simply put, it reflects the difference between Bitcoin prices on mainstream US trading platforms and the global market average. This indicator is particularly important because it visually shows the flow of funds and the sentiment changes of institutional investors in the US market.

There are two situations for premiums: positive premium means US prices are higher, which usually indicates strong buying in the US, active positioning by institutions or compliant funds, ample US dollar liquidity, and generally optimistic investment sentiment. Conversely, what about negative premium? It means prices are lower, and the situation is a bit different—selling pressure in the US market is increasing, investors’ risk appetite is decreasing, safe-haven sentiment is rising, or funds are starting to flow out.

What does 14 consecutive days of negative premium imply? It suggests that US investors are relatively cautious. Whether institutions or retail investors, it seems they are reducing their positions or waiting on the sidelines, which is somewhat different from the global market sentiment. Under these circumstances, it often indicates that the US market may face adjustment pressure or that investors are waiting for more definitive signals.