Coinglass data shows the Coinbase Bitcoin Premium Index has remained in negative territory for 78 consecutive days since May 19, with the latest reading at -0.1145%. The stretch is longer than the index’s previous longest negative run this year, when it stayed below zero for 40 straight days from Jan. 16 to Feb. 24. That earlier period had set the longest such streak since the indicator was launched. The current run also exceeds the roughly 30-day negative stretch recorded during the “1011 crash.” Historical data cited in the report shows that extended negative readings in the Coinbase Bitcoin Premium Index have often coincided with U.S. institutional capital moving out of the market. Against that backdrop, the report said traders should stay alert to near-term pullback pressure. The update was published by ChainCatcher, citing Coinglass data.
Coinglass data shows the Coinbase Bitcoin Premium Index has stayed in negative territory for 78 consecutive days since May 19, with the latest reading at -0.1145%.
The negative stretch has now reached 78 days
From May 19 to now, the index has remained below zero without returning to a positive premium range.
The previous longest negative run this year lasted 40 days
Earlier this year, the Coinbase Bitcoin Premium Index posted 40 straight days of negative premium from Jan. 16 to Feb. 24. That marked the longest negative streak since the indicator was launched at the time.
The 40-day run was also longer than the roughly 30 consecutive days of negative premium seen during the “1011 crash.”
Historical data points to near-term pullback pressure
According to the report, historical data shows that prolonged negative premium readings have often come with outflows from U.S. institutional capital, a pattern that warrants caution over short-term pullback pressure.
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