According to Coinglass data cited by Odaily, the Coinbase Bitcoin Premium Index has stayed in negative premium 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 uninterrupted negative streak since the indicator was launched.
A 44-Day Negative Premium Breaks the Previous Record
The Coinbase Bitcoin Premium Index measures how the BTC price on Coinbase deviates from the global average price. Because Coinbase is described as a major regulated platform in the United States, the index is commonly used to observe changes in buying and selling pressure from the U.S. market. A persistent negative reading indicates heavier selling pressure in the U.S. market, a decline in risk appetite, capital outflows, or a rise in risk-avoidance sentiment.
Historical data shows that an extended negative premium often accompanies the departure of U.S. institutional capital, and short-term pullback pressure needs to be watched. The current 44-day negative streak has already surpassed the previous record set from January 16 to February 24 this year, when the index remained negative for 40 consecutive days. That 40-day run had been the longest negative streak since the metric was introduced.
Darkfost Points to a Lag in Institutional BTC Demand
CryptoQuant author Darkfost wrote that institutional demand for BTC shows a lagging pattern. Darkfost said the Coinbase Premium Index is mainly used to evaluate demand for Bitcoin among professionals and institutions. By comparing BTC prices on Coinbase Advanced and Binance, users can directly observe the purchasing behavior of these groups.
According to Darkfost’s explanation, a negative reading means institutional investors are selling more than retail investors. Retail investors are mostly active on Binance, and their behavior has contributed to the decline in the Coinbase Premium Index. During the earlier “1011 crash,” the index recorded about 30 consecutive days of negative premium, while the current 44-day streak has already exceeded that duration.