NO BITCOIN DEMAND FOR 46 DAYS The Coinbase Premium Index has hovered below zero since mid-May, marking a 46-day streak in negative territory. This metric measures the price gap between Coinbase and offshore exchanges. A negative premium means BTC is trading cheaper on Coinbase, suggesting that US institutional buying pressure has dried up. This slowdown mirrors the cooling period in spot Bitcoin ETF flows, where US funds have faced consecutive weeks of net capital flight. American smart money appears to be sitting on the sidelines, waiting for macroeconomic clarity before re-entering the accumulation phase.(Ali Charts)