Interesting how Bitcoin's demand signal keeps flickering. Price bounced back to $73.9K after that brutal dip, but the Coinbase premium index is telling a different story. It went from deeply negative (-0.22%) during the panic selling to around -0.05% now - still not positive. That's the key thing here. Usually when US buyers really step in, you see that premium flip positive. Right now it's just hovering, which tells me it's more like selective bargain hunting than actual sustained conviction.

Volumes are still pretty thin across the board, and liquidity looks sketchy. You get these sharp bounces when selling dries up, but that's not the same as real accumulation. The flickers of demand we're seeing could just evaporate if momentum doesn't hold. Bitcoin's up about 3% over the week now, but until we see that premium actually turn positive and volumes pick up, I'm treating this rebound as cautious rather than confident.