Bitcoin's Coinbase Premium Index just turned deeply negative again.

Premium around -0.05 and recently even lower

BTC price dropped to ~$68.7K

Consistent negative readings since December

What this means:

US investors are selling (Coinbase trades at a discount vs global exchanges)

Weak spot demand from institutions

Capitulation-like spikes recently

Earlier in 2025, positive premium = strong rallies (May-Oct pump).

Now we're seeing the opposite sustained distribution.

If the premium stays negative, upside could stay capped.

Flip back to positive = first sign of real recovery.

Watch US spot demand. That's the key here.