$BTC is pumping.


But Coinbase Premium is negative.
Smart money isn't chasing (yet).

While price pushes higher, the Coinbase Bitcoin Premium staying deep negative suggests weak US spot demand — often a proxy for institutional flows.

When Coinbase trades below global prices: → US whales may be selling
→ Institutions may be sidelined
→ Rally may be driven by offshore liquidity or retail

Sustainable bull moves usually need both: Retail hype + Institutional bids

Until that flips, this looks like momentum… not conviction.

#BTC #Bitcoin #Crypto #Onchain #SmartMoney
BTC3,96%
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