Just noticed something interesting about the U.S. bitcoin market. The premium index on major American exchanges hit a negative streak that lasted 40 days straight earlier this year - the longest dry spell since 2023. Basically means American investors were consistently paying less than the global average, or just not showing up at all.

What's wild is that even when bitcoin bounced back hard from those February lows, climbing from the low 60s toward $73k, the U.S. premium never recovered. The buying came from everywhere else - Asia, offshore, wherever - but domestic demand stayed weak. The index inched from -0.22% toward -0.05%, still nowhere near the positive levels you'd normally see during real accumulation phases.

Throws an interesting signal about conviction right now. Google searches for 'bitcoin zero' hit record highs in the U.S. around the same time, while globally the interest stayed flat. Looks like American investors specifically are the ones questioning things hardest. Worth keeping an eye on whether that changes in the coming weeks.