🟡Bitcoin has reached a new all-time high, but the rally is largely driven by U.S. market activity. The Coinbase Premium Index hit 0.08%, indicating strong pressure from American investors and an inflow of over $14.8 billion into BTC ETFs. This confirms that the current bull cycle is being fueled by institutional demand amid favorable regulatory conditions.
🟡In contrast, the Korean market shows a negative premium — around -1.7% — signaling weak participation from retail investors, who were key drivers in previous cycles. As long as BTC’s growth remains heavily reliant on the U.S., the rally stays vulnerable without broader global support.