The Coinbase Bitcoin Premium Index has remained in negative territory for 67 consecutive days since May 19, according to data cited by BlockBeats from Coinglass, with the latest reading at -0.0708%. The index tracks the gap between Bitcoin prices on Coinbase and the global market average. A negative reading is commonly used to indicate weaker buying power in the U.S. market, heavier selling pressure, lower risk appetite, stronger demand for safety, or capital outflows. The report also noted that the index previously stayed below zero for 40 straight days from Jan. 16 to Feb. 24, which had set the longest negative stretch since the indicator was introduced at that time. That run was longer than the roughly 30 consecutive negative days seen during the “1011 crash.”
According to BlockBeats, citing Coinglass data on July 25, the Coinbase Bitcoin Premium Index has stayed in negative territory for 67 consecutive days since May 19. The latest reading was -0.0708%.
The report said the index had previously remained negative for 40 straight days from Jan. 16 to Feb. 24 this year, setting what was then the longest continuous negative stretch since the indicator was introduced. That period was also longer than the roughly 30 consecutive days of negative premium recorded during the “1011 crash.”
The Coinbase Bitcoin Premium Index measures the difference between the price of Bitcoin on Coinbase and the global market average. A negative premium usually points to heavier selling pressure in the U.S. market, weaker investor risk appetite, rising demand for safe-haven positioning, or capital outflows.
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