Coinbase Premium remains negative, signaling muted spot demand from US institutions. The gap between the Coinbase Pro price and global exchanges is hovering in negative territory. This consistent discount indicates that US-based institutional buyers are temporarily sitting on the sidelines or net-distributing at current levels. Historically, a flip back into a positive Coinbase premium acts as a high-conviction signal that American smart money is aggressively re-entering the accumulation phase.(Ali Charts)