I noticed an interesting phenomenon on the charts — the Bitcoin premium index on Coinbase has been in the negative zone for 40 days now. This is the longest period of such weakness since 2023. The indicator fluctuates around -0.05%, almost unchanged, although Bitcoin has gained about 15 percent from the February low and has risen above $62 000 during this time.

What’s most strange is that the price rebound is not accompanied by a recovery in demand from the US. It turns out that purchases are happening outside US trading hours, on other platforms, or during different periods. It’s like the shortest trading day for American investors — they are practically absent from the market. The index shows that American traders systematically pay less than the rest of the world or simply do not participate in the growth.

Adding to the pessimism is that Google searches for 'bitcoin zero' in the US reached record levels at the beginning of the month. It seems that American investors are losing faith in the asset, while the rest of the world remains calmer. The only thing that’s slightly improving is the premium slowly climbing from -0.22% to -0.05%, but it’s still far from positive values, which usually coincide with real accumulation.

I also noticed a sharp drop in XRP from $1.36 to $1.33 on high volumes — looks like aggressive selling. Now, $1.35 has become resistance, and the zone of $1.40–$1.41 still limits rebounds. The demand structure is clearly broken.