Core Insights - Bitcoin is showing signs of demand recovery as the Coinbase Bitcoin Premium Index (CBPI) turns positive for the first time in weeks, indicating a potential stabilization in US demand for BTC [1][2][4]. Group 1: Coinbase Bitcoin Premium Index - The Coinbase Premium had been in negative territory for most of November, reflecting weaker US demand, ETF outflows, and reduced liquidity [2]. - The recent positive shift in the premium suggests that US spot buyers are beginning to pay a slight premium again, indicating a recovery in domestic demand [2][4]. - Historically, the US market has led BTC price inflection points, especially during liquidity transitions or macroeconomic changes [4]. Group 2: Correlation with Silver - Silver has reached an all-time high above $55/oz, which coincides with the positive shift in the Coinbase Premium, suggesting a renewed appetite for hard assets [1][5]. - The correlation between Bitcoin and silver is typically low and unstable, but strong silver rallies alongside Bitcoin stabilization often indicate the end of fear-driven selling [5][6]. - The current decoupling of BTC and silver highlights that while they are not correlated today, macro conditions are beginning to favor flows into alternative assets [9][8].