Coinbase’s Bitcoin Premium Index has remained below zero for four consecutive days, according to CoinGlass data cited by BlockBeats on Sept. 26. The latest reading was -0.0082%, a level the report said pointed to renewed weakness in U.S. buying power. The index tracks the Bitcoin price gap between Coinbase Pro and Binance and is commonly watched as a gauge of demand conditions in the U.S. market. A negative reading usually means Bitcoin is quoted lower on Coinbase than on Binance, which can reflect softer buying interest in the U.S. or heavier selling pressure. The report also noted that the indicator alone should not be used to conclude that institutional capital is leaving the market. Earlier, on Aug. 24, the index turned positive at 0.0052% for the first time since May 19, briefly ending what had been a record 97-day stretch of negative premium.
Coinbase’s Bitcoin Premium Index has posted negative readings for four straight days, with the latest at -0.0082%, according to CoinGlass data cited by BlockBeats on Sept. 26. The report said U.S. market buying power has weakened again.
Earlier, on Aug. 24, the Coinbase Bitcoin Premium Index turned positive at 0.0052% for the first time since May 19. That move briefly ended a record 97-day stretch of negative premium readings.
The index tracks the Bitcoin price gap between Coinbase Pro and Binance
The Coinbase Bitcoin Premium Index measures the Bitcoin price difference between Coinbase Pro and Binance. A persistently negative reading usually means Bitcoin is priced lower on Coinbase, which can point to weaker buying interest in the U.S. market or heavier selling pressure.
The report added that the index alone should not be used to directly conclude that institutional funds are flowing out of the market.
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