I found it interesting that Bitcoin has recovered more than 15% since February and is now above $62,000, but Coinbase's premium index remains stuck in the negative zone for 40 consecutive days. This is the longest such period since 2023. Basically, this means that American buyers are paying less than the rest of the world, or they simply aren't entering the market.

The premium has improved slightly, from -0.22% to around -0.05%, but it is still far from the positive zone that historically indicates real accumulation. The price recovery mainly came from outside U.S. hours, from other platforms. Meanwhile, searches for 'bitcoin zero' in the U.S. have hit record highs. It seems that American investors are losing conviction in a way I haven't seen elsewhere.