The Coinbase Bitcoin Premium Index has remained in negative territory for 76 consecutive days since May 19, according to Coinglass data, with the latest reading at -0.1012%. The stretch is notably longer than the index’s previous longest run of negative readings recorded earlier this year, when it stayed below zero for 40 straight days from Jan. 16 to Feb. 24. That earlier period had set the longest negative streak since the indicator was introduced and exceeded the roughly 30-day run of negative premium seen during the “1011 crash.” Historical data cited in the report shows that extended periods of negative premium often coincide with outflows from U.S. institutional investors. The latest reading is therefore being watched as a sign that short-term pullback pressure may be building in the market.
According to Coinglass data, the Coinbase Bitcoin Premium Index has stayed in negative territory for 76 consecutive days since May 19, with the latest reading at -0.1012%.
Earlier negative streak lasted 40 days
The index previously remained negative for 40 straight days from Jan. 16 to Feb. 24 this year, setting what was then the longest negative streak since the indicator was introduced. That run was also longer than the roughly 30 consecutive days of negative premium seen during the “1011 crash.”
What the historical data shows
Historical data shows that prolonged negative premium readings often coincide with U.S. institutional capital leaving the market. The data point suggests traders should watch for short-term pullback pressure.
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