🔍 The Pricing Logic of BTC This matter regarding BTC should not be treated as a breaking news item. On the surface, it’s “Coinbase’s Bitcoin negative premium has persisted for 67 days, with continued weak buying power in the U.S. market,” but the core issue is: Is U.S. spot demand still dragging down BTC’s upward momentum? Currently confirmed information includes the following: Coinbase’s Bitcoin negative premium has lasted 67 days, with sustained weak buying power in the U.S. market. On July 25, according to Coinglass data, the Coinbase Bitcoin Premium Index has remained in negative territory for 67 consecutive days (since May 19), with the latest reading at -0.0708%. Previously, this index recorded a 40-day consecutive negative premium from January 16 to February 24 this year—the longest such streak since the metric’s launch, surpassing the approximately 30 consecutive days of negative premium during the “1011 crash.” The Coinbase Bitcoin Premium Index measures the price difference between Bitcoin on Coinbase and the global market average; a persistent negative premium typically indicates stronger selling pressure in the U.S. market, declining investor risk appetite, rising risk-off sentiment, or capital outflows. The first layer is the quality of spot demand. The prolonged negative premium on Coinbase suggests that active buying during U.S. trading hours is not significantly dominant. The second layer is the source of capital. If U.S. exchange buying remains persistently weak, further price appreciation will require offsetting buying pressure from other regions or channels. The third layer is risk appetite. For BTC to continue rising, we need to see U.S. buying return to a premium, or alternative capital sources strong enough to compensate for this weakness. My understanding is that BTC behaves more like an event requiring weight adjustments rather than a standalone trading signal. It only holds analytical value when viewed alongside price, volume, capital flows, or corporate operational data. I will not interpret this as a unilateral bullish or bearish signal, because a single news item can only shift weights—it cannot replace subsequent data. Moving forward, I will monitor three key validations: whether the Coinbase premium returns to positive territory; whether other USD buying sources can fill the gap; and whether trading volume expands in tandem with BTC’s upward moves. If these data points fail to align, this news remains merely an emotional indicator; if they do align, it warrants increased analytical weight. Source: BlockBeats $BTC #coinbase #riskalert #projectmonitor #hashoshicompanycheckup #cryptomarket #hashoshichainnews