According to on-chain data tracking, as of January 18th, the Bitcoin premium index on a certain compliant platform has been in negative premium territory for three consecutive days, with the latest quote at -0.0397%. More notably, in the past month, there have been 28 days in negative premium status. What does this indicate?

Let's first discuss how to interpret this indicator. The premium index essentially reflects the difference between Bitcoin prices on a leading compliant platform and the global market average. It functions like a thermometer, providing an intuitive sense of the US market's capital activity and sentiment temperature.

When the premium is positive, it indicates that the platform's price is higher—this usually means strong buying activity in the US, with compliant funds and institutions actively accumulating, ample dollar liquidity, and generally optimistic investor sentiment. Conversely, when negative premium appears, it suggests the price is being pushed down, often implying increased selling pressure, decreased risk appetite, or a rising market risk-averse sentiment. There may even be funds quietly withdrawing.

The current situation—three consecutive days of negative premium combined with 28 days in negative premium over the past month—undoubtedly reflects a shift in US market capital attitude. Is this a short-term adjustment or a deeper change in sentiment? These details warrant ongoing attention from traders.