Why are US institutions desperately selling Bitcoin while global funds on Binance are still taking over? In recent days, Coinbase's negative premium for Bitcoin has continued to expand, indicating that buying in the US market is significantly weaker than Binance. US institutions are busy reducing their risk exposure, while funds from other regions around the world have not withdrawn synchronously, leading to a clear divergence in their pricing attitudes towards Bitcoin. US institutions manage asset portfolios, monitoring US bond yields, dollar indices, inflation, and geopolitical risks. Today, the yield of US 10-year treasury bond bonds is still above 5%, and the US dollar index has exceeded 102. Macroscopic risks continue to suppress liquidity. In order to control withdrawal and meet risk control requirements, institutions naturally tend to run first. But traders on Binance come from a wider global market, with different fund structures, risk preferences, and investment cycles. Coinbase's long-term negative premium at least indicates that the relative selling pressure in the US market has not caused the global market to experience the same level of weakness. If global buying continues and BTC prices strengthen again, US institutions will ultimately have to face the issue of reconfiguration. Waiting for the US dollar and US Treasury yields to fall and risk appetite to recover, these so-called smart money that are eager to sell now may completely catch up and buy back, becoming the fuel for the next round of rise. Bitcoin is becoming increasingly globalized, and while US institutions can influence short-term prices, they may not necessarily determine long-term trends.