Looking at exchange premium dynamics as a key market signal, local bottoms typically emerge when major trading venues shift back into premium territory. Throughout December, we've largely been operating at a discount—a pattern that's historically preceded meaningful recoveries. The spread between spot prices and futures/institutional pricing serves as a crucial barometer for market sentiment shifts. When institutions and large traders regain appetite, that premium returns first. Watching this metric closely makes sense for anyone timing entries during consolidation phases. Discount conditions aren't necessarily bearish, but the transition back to premium often marks the inflection point before sustained upside momentum.