Interesting: Bitcoin has risen 15% since the beginning of February and is trading again above 74.000 Dollar, but something strange is happening at Coinbase. The Bitcoin Premium Index—that is, how much US investors are willing to pay compared with the global average—remains stubbornly in negative territory. And it’s already been 40 days in a row. That’s the longest streak since 2023.

What does that mean? Well, if Coinbase is considered an indicator of US-amerikanische Kapitalströme, then this ongoing negative premium suggests that American investors are either selling heavily or simply not stepping in. The value is currently at about -0,05%, has slightly recovered from -0,22%, but remains far away from positive levels—i.e., still nowhere near zero percent chances. That’s unusual, because historically, positive premiums point to sustained accumulation phases.

The divergence is striking: the price went up, but the composition of demand didn’t change. The buying pressure apparently came from Asia or outside US trading hours. Even more interesting: Google search queries for 'bitcoin zero' in the USA reached record highs at the beginning of the month—an indication of growing skepticism among American investors, while global search interest stayed the same. This suggests that the loss of confidence is highly localized. Despite strong inflows into US spot Bitcoin ETFs, which now manage more than 56 Milliarden Dollar, the signal from the Coinbase-Index remains an important warning indicator of demand strength from America.