Regional flows now support a more constructive Bitcoin price forecast. Earlier in the year, the move from $126,000 to $100,000 appeared driven mainly by Asian selling, while the slide from $100,000 to $80,000 involved stronger US distribution. Recent on-chain data suggests that US traders have started adding exposure again.
The has turned positive after a long stretch in negative territory. This gauge compares the BTC price on Coinbase with global spot prices. A positive reading means Bitcoin trades at a higher price on the US exchange, which signals stronger demand from American traders and institutions.
At the same time, spot in the United States have logged several days of net inflows. That pattern points to renewed interest from long-term investors. Furthermore, risk metrics such as the Bitcoin Sharpe ratio also move toward zones that some analysts associate with more favorable reward-to-risk conditions for dip buyers.