Let's talk about an interesting phenomenon! I just looked at the data and found that the BTC/USD spot premium indicator on Coinbase has indeed shown signs of turning positive in the last 24 hours, which coincides quite well with the reversal of fund flows into the US ETF.
In simple terms, when the premium on Coinbase turns positive, it means that institutional investors are back to buying BTC on Coinbase, willing to pay a higher price than the market price to grab it. The reason behind this is likely due to the net inflow of funds into the US Bitcoin ETF restarting—large institutions buy in through the ETF and then arbitrage in the spot market, directly pushing up the premium.
However, it's important to note that while this correlation makes logical sense, market sentiment changes quickly, and a single day's data cannot fully indicate a trend. After all, the premium previously dropped to a low of -167.8, indicating that market sentiment was really poor before. The current positive turn is a positive signal, but we still need to observe whether the subsequent funds can continue to flow in.
In summary, a return to positive premium + reversal of ETF funds might indicate that market sentiment has temporarily bottomed out and is warming up. But don't forget, the cryptocurrency market is highly volatile, and short-term data is for reference only—don't impulsively act based on just one day's performance!
