Buyers in the US are back.

The Coinbase Bitcoin Premium Index has been positive for 14 consecutive days, now at 0.0378%. And just 14 days ago, this index was in negative territory for 15 consecutive days.
A shift from negative to positive is a fundamental reversal of sentiment.
This index measures the difference between Coinbase prices and the global market—persistent positive premiums mean US users are willing to pay higher prices to buy Bitcoin.
Considering Coinbase is the main channel for US regulatory compliance and mainstream capital, a turn to positive often signals institutional capital flowing back in.
Looking together with yesterday’s news—the Fear and Greed Index has moved out of the extreme fear zone, Strategy and Bitmine have both hit their largest increases of the year, and Coinbase premiums remain positive.
Three independent signals point in the same direction: US funds are increasing their positions.
Of course, CryptoQuant is still warning that spot demand is shrinking, with perpetual contracts being the main driver.
The coexistence of these two data points indicates the market is still in a tug-of-war—institutions are entering, but retail and spot buying have yet to catch up.
A true reversal requires more signals to stack up for confirmation. But based on the 14-day positive premium data, at least US institutions are already voting with real money.
The trend is already changing.