The Coinbase Bitcoin Premium Index has now been negative for 40 consecutive days, the longest such streak since 2023, according to Coinglass data. The current reading sits at -0.0467%, barely changed from two weeks ago.
The index tracks the price gap between bitcoin on Coinbase and the global market average. Coinbase is widely used as a proxy for US institutional and dollar-denominated flows. A persistent negative reading means American investors are consistently paying less — either selling more aggressively or simply not buying.
The previous record was roughly 30 days of negative premium during October 2025. That streak broke when a sharp bounce brought US buyers back. This time, bitcoin recovered as much as 15% from its Feb. 5 intraday low, trading back above $62,000, but the premium never flipped positive.
Price Recovery Driven Outside US Hours
The divergence shows that while price recovered, the underlying demand composition did not. The buying that pushed bitcoin higher came from outside US trading hours, outside Coinbase's order books, or both. It's a relief rally, not a sustained accumulation phase.
On a more constructive note, the premium has gradually improved from -0.22% in early February to around -0.05%. The improvement is real but too slow to turn positive — a threshold that historically coincides with genuine accumulation cycles, not short-lived bounces.
Record-High 'Bitcoin Zero' Searches in the US
As CoinDesk reported, Google searches for “bitcoin zero” in the US hit record highs earlier this month, while global search interest for the term remained flat. Combined with the persistent negative premium, American investors are losing conviction at a pace unseen elsewhere. Both signals point to a uniquely weak US demand for bitcoin, with no immediate sign of recovery.