According to the latest data from Coinglass, the Bitcoin premium index of a compliant platform has been in negative territory for three consecutive days, currently at -0.0397%. Even more noteworthy is that in the past 30 days, 28 days have been in negative premium.

What does this index actually indicate? In simple terms, it measures the difference between the Bitcoin price on that platform and the average price across the global market. A positive premium means the platform's price is higher, typically reflecting strong buying activity in the US market, active institutional participation, and high investment enthusiasm; conversely, a negative premium indicates the platform's price is lower, often suggesting increasing selling pressure, declining risk appetite, a tendency for investors to seek safe havens, or capital outflows.

The persistent negative premium, especially with 93% of the past month in negative territory, sends a clear signal—the US market is indeed showing signs of risk appetite declining. Both institutional and individual investors are approaching the market with increased caution. Of course, a single indicator cannot tell the whole story, but as a window into US capital flows and market sentiment, this data is still worth paying attention to for traders.