According to data from Coinglass, the negative premium on Coinbase's Bitcoin has widened noticeably since May 19, with the latest reading at -0.1931%. The indicator has now remained in negative territory for 17 consecutive trading days, signaling that US market demand for BTC has yet to recover and investor risk appetite remains subdued.
During the same period, Bitcoin's price retreated from around $77,000 to the current level near $62,000. The timing of this correction closely coincides with the deepening negative premium on Coinbase, suggesting that US investors may have been the primary force behind the sell-off.
The Coinbase Bitcoin Premium Index measures the deviation of BTC price on Coinbase from the global average market price. A negative premium typically indicates heavier selling pressure within the US, along with capital outflows and heightened risk aversion. As such, it serves as an important gauge of US investor sentiment and fund flows. The current 17-day streak of negative readings further underscores persistently weak market participation.