Trump's executive order has landed, and the most direct signal to the market is not the news, but rather the sudden widening of the Coinbase premium.

This is very simple.
Retail investors are chasing prices on exchanges, while institutions are continuously buying in compliant channels like Coinbase.

When the premium starts to soar, it essentially indicates one thing:
Domestic funds in the United States are accelerating their entry.

Many people claim to be bearish,
but on-chain data and market depth tell the truth.

Institutional positions are increasing, which is the most authentic vote.