I noticed an interesting signal in the market — the Bitcoin premium index on Coinbase has been negative for 40 consecutive days. This is the longest period of negative values since 2023, clearly indicating weak demand from American investors.

Here's what's strange: Bitcoin has recovered by 15% from the February 5th low and broke through the $62,000 mark, but the premium has not returned to positive territory. This suggests that all these purchases occurred outside US trading hours or not on Coinbase at all. It turns out that domestic US demand remains weak despite the price increase.

The current premium value is around -0.05% — a slight improvement from -0.22% in early February, but still far from positive levels, which usually coincide with accumulation phases. Interestingly, searches for 'bitcoin zero' on Google in the US reached record highs earlier this month — it seems American investors are losing confidence faster than the rest of the world.

The previous record for negative premium was about 30 days in October 2025, then it was interrupted by a sharp rebound. This time, there’s no sign of demand bouncing back from the US yet. The premium is gradually becoming less negative, but the movement is slow. The signal is quite clear — the US market is lagging, and this should be taken into account when analyzing Bitcoin’s current movement.