ChainThink report, March 12: According to Coinglass data, Coinbase's Bitcoin premium index has remained positive for two consecutive days, currently at 0.0231%. Over the past 10 days, it has been in positive premium on five occasions, indicating a gradual recovery in buying sentiment in the U.S. market, which had previously experienced 40 consecutive days of negative premium.

ChainThink note: The Coinbase Bitcoin Premium Index measures the deviation of Bitcoin’s price on Coinbase (a major U.S. trading platform) relative to the global average price. This index serves as a key indicator for monitoring capital flows, institutional investment enthusiasm, and market sentiment dynamics within the U.S. market.

A positive premium indicates that Coinbase’s price is higher than the global average, typically reflecting strong buying pressure in the U.S. market, active participation of institutional or compliant capital, ample USD liquidity, and an optimistic investment outlook. A negative premium suggests that Coinbase’s price is lower than the global average, generally signaling significant selling pressure in the U.S. market, declining risk appetite among investors, rising safe-haven sentiment, or capital outflows.