What people call the "Coinbase Premium" is actually the "Tether Premium + Actual Coinbase Premium". Most of the Premium usually comes from the Tether side. When it is at a discount, as is the case now, it tells you not that Americans are selling but that the overall market has little demand for USDT, or in other words that the market is bearish. USDT has been below 1.0 since 10/10.(Alex Krüger)