Phía sau việc giảm giá liên tục của Bitcoin: Tâm trạng thị trường Mỹ chuyển lạnh hay dòng vốn chuyển đổi?

【Coin Circle】According to the latest data, on January 11th, the bitcoin premium index of a certain compliant platform has been in negative territory for 5 consecutive days, currently at -0.126%. More notably, out of the 28 days in January, 26 days were in negative premium status — this figure is eye-catching enough.

What is the premium index? Simply put, it’s the comparison between the bitcoin price on a certain compliant platform and the global market average price. This seemingly cold number is actually a window to observe capital flows and investor sentiment in the U.S. market.

What does positive premium look like? Price higher than global average, indicating strong buying momentum here, institutional funds and compliant investors are actively positioning, U.S. dollar liquidity is abundant, and sentiment is relatively optimistic.

How to understand negative premium? Price lower than global average, reflecting more complex issues — it could be selling pressure increasing in the U.S. market, declining investor risk appetite, or rising risk-averse sentiment in the market, or even capital flowing out to other markets.

Current consecutive days of deep negative premium, especially with a monthly negative premium rate reaching 93%, indicates that the U.S. market’s recent attitude toward bitcoin is indeed cooling down. Behind this, whether investors are exercising caution and observation, or large amounts of capital are being reallocated, these are all worth continuous attention from traders.