According to @ki_young_ju, U.S. institutional sentiment has not fully recovered as the hourly Coinbase Premium Index for BTC remains negative, based on CryptoQuant data shared in his update. According to CryptoQuant’s Coinbase Premium Index definition, the metric tracks the price gap between Coinbase and other exchanges such as Binance, and a negative reading indicates weaker U.S. spot demand and relative selling pressure on Coinbase versus offshore venues. According to CryptoQuant’s metric guide and trader usage, market participants monitor a flip to positive on this index as confirmation of returning U.S. bid, while a sustained negative reading can act as a headwind for BTC momentum during U.S. trading hours.