US bids have sat below the global price for 35 straight days even as BTC holds 0.18% higher in 24h and Fear & Greed reads 64, an asymmetry between price firmness and weaker US demand. That keeps the read centered on global spot flow in $BTC , with PsiCharge at 79 and order flow toxicity at 0.13 while 1 major is adding leverage and 2 are squeezing out. The key watch condition is whether the Coinbase Premium stays at minus 0.11% or turns positive.