The Coinbase Bitcoin negative premium index had shown some moderation from February through May, but that trend has reversed since May 8, with the index now weakening sharply again. The latest reading has plunged to -0.1323%, signaling that US market buying power has slipped back into sustained weakness.
The index measures the price gap between Bitcoin on Coinbase and the global market average. A negative value typically points to heavier selling pressure on the US-based platform, reflecting declining risk appetite among American investors, rising risk-off sentiment, or capital outflows. Given Coinbase's status as a major compliant crypto exchange in the United States, its premium/discount gauge is often used as a thermometer for North American institutional and retail sentiment. The rapid deterioration of the negative premium therefore underscores the persistent softness in local demand.