Coinbase Bitcoin premium remains negative for 44 straight days
According to Odaily, citing Coinglass data, the Coinbase Bitcoin Premium Index has stayed in negative territory for 44 consecutive days, covering the period from May 19 to the present. The latest reading stands at -0.1089%. This marks a new record for the longest continuous negative streak since the indicator was launched.
The Coinbase Bitcoin Premium Index measures how the BTC price on Coinbase deviates from the global average price. Since Coinbase is a major regulated trading platform in the United States, the index is often used to track changes in buying and selling pressure from the U.S. market. A persistent negative value indicates heavier selling pressure in the U.S. market, lower risk appetite, capital outflows, or rising demand for defensive positioning. Odaily noted that historical data shows long periods of negative premium have often accompanied the exit of U.S. institutional capital, making short-term pullback pressure a point to watch within the scope of the original report.
Darkfost points to a lag in institutional BTC demand
Darkfost, an author on the CryptoQuant platform, wrote that institutional demand for BTC is showing a lag. According to Darkfost, the Coinbase Premium Index is mainly used to evaluate demand for Bitcoin from professionals and institutions. By comparing BTC prices on Coinbase Advanced and Binance, market participants can directly observe the buying behavior of these user groups.
Darkfost stated that a negative reading means institutional investors are selling more than retail investors. Retail investors are mostly active on Binance, and their behavior contributes to the decline in the Coinbase Premium Index when compared with activity on Coinbase. Before the current streak, the index had remained negative for 40 consecutive days from January 16 to February 24 this year, which at the time was the longest negative streak since the indicator’s launch. That earlier record had already exceeded the roughly 30-day continuous negative premium seen during the “1011 crash.” The current 44-day stretch has now surpassed both of those historical periods.