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Coinbase Bitcoin Premium Index Narrows to -0.0221% as Negative Premium Streak Reaches 95 Days
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News EditorChainCatcher reported that Coinbase’s Bitcoin Premium Index narrowed to -0.0221% but remained below zero. The metric has stayed in negative territory for 95 consecutive days from May 19 to Aug. 21, setting a record since the indicator was launched. That surpasses the previous record of 40 straight days between Jan. 16 and Feb. 24 this year, and also exceeds the roughly 30-day negative stretch seen during last year’s “1011 crash.” The index compares the Bitcoin price spread between Coinbase Pro and Binance. A sustained negative reading usually suggests Coinbase is pricing Bitcoin lower, which can reflect weaker U.S. buying or heavier selling pressure. ChainCatcher also noted that the indicator alone should not be used to conclude that institutional funds are flowing out.
ChainCatcher said Coinbase’s Bitcoin Premium Index narrowed to -0.0221% on Aug. 21, but the metric remained negative.
The index has now stayed in negative territory for 95 consecutive days, from May 19 to Aug. 21, setting the longest such streak since the indicator was introduced.
The previous record was 40 straight days, from Jan. 16 to Feb. 24 this year. That also topped the roughly 30-day negative stretch seen during last year’s “1011 crash.”
Coinbase’s Bitcoin Premium Index measures the price spread between Coinbase Pro and Binance. A persistent negative reading usually means Coinbase is quoting Bitcoin at a lower price, which can point to weaker U.S. buying or stronger selling pressure.
ChainCatcher added that the metric should not be used on its own to conclude that institutional capital is leaving the market.
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