The Coinbase Premium Index is showing the divergence between US Bitcoin demand and the current Bitcoin price. Over the past two weeks, despite the Bitcoin price rising from $94K to $106K, the index has been falling. This could indicate a weakening of the medium-term bullish momentum without support from US demand.

North American investor interest is growing, especially with the launch of Bitcoin ETFs in January 2024 and the upcoming presidential election. Investors should be cautious and closely monitor this situation to make appropriate investment decisions.