Currently, the Coinbase Bitcoin premium index has remained in positive premium for 8 consecutive days, currently reported at 0.0121%.

Index Meaning: Measures the price difference of Bitcoin on the U.S. Coinbase exchange (mainly trading against USD) compared to other global exchanges (like Binance, mainly trading against USDT).

Positive Premium Interpretation: Indicates that the price of Bitcoin on Coinbase is higher, which is usually seen as a sign that demand from U.S. institutions or large investors (including those buying through ETFs) is stronger than the performance of the global market.

Current Signal: After maintaining a negative premium for nearly a month, it has turned positive again, which may indicate that U.S. funds are beginning to flow back into the market, an early sign of warming market sentiment.

Current Market Background and Considerations

While interpreting this positive signal, it is also necessary to understand the overall environment of the current market to make a more comprehensive judgment.

1. The market has just undergone a deep adjustment: Before the premium turned positive, the price of Bitcoin fell from a high point, and market sentiment was once low. The return of this positive premium is interpreted to some extent as a signal that ongoing selling pressure may be exhausted and buying power is starting to recover.

2. Key Technical Resistance Levels: Although positive signals have emerged, the price of Bitcoin still faces tests at key resistance levels. Some analysts point out that $90,000 is currently an important resistance zone, and bulls need to effectively break through $95,000 to truly reverse the trend. Therefore, one cannot determine that the market will directly enter a strong upward channel solely based on the premium index.

3. Need to observe in conjunction with other indicators: A healthy bull market requires support from multiple aspects.

In addition to institutional buying, attention should also be paid to:

1. Stablecoin Reserves: The balance of stablecoins on the world's largest exchange, Binance, has reached a historic high, indicating that a large amount of capital is waiting on the sidelines to enter the market, providing potential purchasing power.

2. Macroeconomic Development: For example, the Federal Reserve's monetary policy (such as expectations for interest rate cuts) and liquidity conditions will also significantly affect the prices of assets like Bitcoin.

Summary:

Overall, the Coinbase Bitcoin premium index has been positive for 8 consecutive days, which is a positive short-term signal indicating that U.S. funds, which have a significant influence on the market, may be returning.