According to the source, BTC fell below 100K as the Coinbase Premium hit a 7-month low, suggesting softer US spot demand while some traders view the extreme discount as a potential bottom signal (source: the source). Historically, a low or negative Coinbase Premium indicates Coinbase prices lag offshore venues and aligns with weaker US bid in the short term, making it a useful flow gauge for BTC price action (source: CryptoQuant). Traders typically confirm any bottom thesis by watching a rebound in the Coinbase Premium Index alongside BTC funding rates and order-book imbalance to verify returning US buy-side liquidity (source: CryptoQuant; source: Kaiko). US spot Bitcoin ETF net flows provide an additional confirmation of US demand and can validate or contradict the premium signal during high-volatility periods (source: Farside Investors).