Bitcoin is up, but U.S. buyers aren't enthusiastic? 44 consecutive days of negative premium—who exactly is sustaining the bull market?

The Bitcoin market can be interesting sometimes: prices can rise, but the buyers may not come from where you'd expect.
The premium index has been negative for 44 consecutive days, drawing market attention.
This indicator mainly reflects whether Bitcoin prices are higher or lower than those on other trading platforms. Sustained negative readings usually mean buying demand in the U.S. market is relatively weak.
This raises a question: if U.S. investors haven't noticeably increased their buying, the funds driving Bitcoin's rise may be coming from other regions or other types of market participants.
Of course, no single indicator can explain the entire market. Capital flows across global exchanges, changes in ETF flows, derivatives positioning, and the macroeconomic environment can all affect Bitcoin's price.
A negative premium doesn't necessarily mean prices will fall right away; negative premiums have also appeared during past market downturns.
So investors shouldn't rush to flee just because they see a red indicator, or assume the bull market is back just because prices rebound.
What the market may really need is sustained, rather than short-lived, buying support.$AMD

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