[Coinbase Premium Index Negative for 46 Consecutive Days, U.S. Institutional Bitcoin Demand Remains Sluggish] According to a report by Jinse Finance on June 25, on-chain analyst @ali_charts observed that Bitcoin buying pressure has been weak for 46 consecutive days. The Coinbase Premium Index has remained negative since mid-May, lasting for 46 days. This index compares the BTC price difference between Coinbase and overseas platforms, with a negative value indicating lower prices on U.S. exchanges and nearly nonexistent institutional buying demand. During the same period, spot Bitcoin ETFs have experienced net outflows for several consecutive weeks, with U.S. institutional funds generally adopting a wait-and-see approach, holding off on entering the market until macroeconomic conditions stabilize.