The final stage of a bear market is often not institutions capitulating, but rather "newbies completely giving up." This chart shows a very noteworthy phenomenon: 美国 Coinbase's BTC spot trading volume share has skyrocketed to a multi-year high. But what's even more critical is— During this rapid rise in trading volume share, the Coinbase Premium has remained negative for an extended period. What does this mean? It's not U.S. funds frantically buying the top. Instead, it's very likely that: The U.S. market is seeing a massive amount of sell orders. And behind Coinbase are a large number of U.S. investors, ETF-related funds, and institutional trading activities. In other words: BTC experiences a significant drop Coinbase's trading volume share explodes Premium stays negative during the same period This combination looks more like— At the peak of market panic, U.S. investors are dumping their holdings en masse. The most ironic part? BTC was panic-sold around $60K–$70K, And now the price has climbed back to around $80K. This is the harshest lesson at the end of every bear market: The bottom is never a place where no one wants to sell. On the contrary, The bottom is often where those who endured the entire downturn finally can't take it anymore and choose to cut their losses and exit. Then the market starts to rise. By the time they believe the bull market is back— The price is already far from where they sold. The final stage of a bear market Is about shaking out the last group of people who can't hold on.