I've noticed that the Bitcoin demand signal in the US market has been negative for a long time. The Coinbase Bitcoin Premium Index has been in the red for 40 consecutive days—its longest streak since 2023. Currently, the reading is only -0.0467%, with little movement over the past two weeks.

The weird part? Bitcoin itself has already risen over 15% from its lowest point in early February, now at $72.68k. But the US premium isn't following—remaining negative. This means that Bitcoin buyers are not coming from Coinbase or the US market. Anywhere else—international exchanges, OTC, or offshore trades.

Historically, the longest negative streak before this was only 30 days back in October 2025, then US buyers suddenly returned. But this cycle feels different. Even as the price recovers, demand from here hasn't. The premium is gradually increasing—from -0.22% to -0.05%—but still not enough to turn positive.

There's another sign that’s concerning: Google searches for "Bitcoin zero" in the US hit an all-time high earlier this month. Even global interest remains flat. It seems that specifically American investors are hesitant, not the entire world. The percentage of negative premium indicates that the composition of buyers has changed—institutional flows are coming from elsewhere.