What does the Bitcoin premium index in the United States being negative for 19 consecutive days indicate?

【BlockBeats】Recently, a fascinating phenomenon has been observed: since the end of last year, the Bitcoin price on major US exchanges has been in a state of negative premium for 19 consecutive days, with the latest reading at -0.1092%.

What does this mean? Simply put, the premium index compares the Bitcoin price on this exchange to the global market average. When the index is positive, it indicates that local prices are higher; conversely, a negative value suggests that local prices are lower.

From a trading psychology perspective, the ongoing negative premium releases several signals. Positive premiums usually appear when US dollar liquidity is abundant, institutions are actively deploying, and market sentiment is optimistic—at such times, US investors rush to buy, pushing prices higher. However, the current 19-day streak of negative premium reflects a different scene: selling pressure in the US market is accumulating, investors’ risk appetite is declining, and risk aversion is spreading.

This may also indicate that US regulatory agencies or large funds are gradually reducing their positions or shifting to other markets. From the perspectives of US dollar liquidity and market sentiment, this indicator warrants ongoing attention—it often preempts signals of a market shift in the US.