According to on-chain data statistics, the Bitcoin premium index of a major exchange has been in the negative zone for 18 consecutive days, with the latest quote at -0.171%.

18 days may not seem long, but in the crypto market, this is no small number. A quick look at historical records shows that the last time such a long-term sustained negative premium occurred was during two major events in 2022: the Luna collapse in May and the FTX incident in November. During that period, the negative premium lasted for two weeks or even longer, and the entire market was filled with a strong sense of coldness.

Recreating this situation now, what does it indicate? Market sentiment and capital flow are worth analyzing.