Bitcoin has recovered more than 15% from last week's lows and is currently trading near $70k, but on a weekly basis, it still shows a decline of over 10%. What’s noteworthy here is that the movement of the premium index on major U.S.-based exchanges has turned around, beginning to signal an important market indicator.

The premium index, which was at -0.22% during the period of strongest selling pressure, has recovered to -0.05% by Tuesday. Although still in negative territory, this rebound suggests that U.S. investors are starting to buy the dip. However, it is important to note that the premium has not turned positive. Historically, substantial buying by U.S. funds has been observed when the premium is positive, so the current movement indicates only selective buying at this stage.

Looking at the overall market structure, the spot trading volume across major exchanges is significantly below the peak seen at the end of 2025, and liquidity has also diminished. This implies that buyer activity remains limited. Meanwhile, the funding rate for Bitcoin futures on a certain large derivatives exchange has remained negative for 46 days, indicating persistent bearish positions.

The current situation suggests that the recent easing of selling pressure is only temporary, and widespread, sustained demand from U.S. investors has yet to materialize. The concentration of short positions has historically been a leading indicator of sharp rallies or attractive entry points, but whether that will happen depends on liquidity and buying demand trends.