Bear market continues? Coinbase Bitcoin premium index has been negative for 44 consecutive days, setting a new record for the longest negative streak, with the latest reading at -0.1089%

According to Coinglass data, the Coinbase Bitcoin premium index has been in negative territory for 44 consecutive days (from May 19 to present), with the latest reading at -0.1089%. This index measures the deviation of BTC's price on Coinbase (a major US compliant exchange) relative to the global average price. A sustained negative value indicates heavier selling pressure in the US market, declining risk appetite, capital outflows, or heightened risk aversion. Historical data shows that prolonged negative premiums often accompany the withdrawal of US institutional capital, warranting caution regarding short-term downward pressure.

CryptoQuant author Darkfost noted that institutional demand for BTC exhibits a lagging phenomenon. The Coinbase premium index is primarily used to assess demand for Bitcoin from professional and institutional investors. By comparing BTC prices on Coinbase Advanced and Binance, one can directly gauge the purchasing behavior of these users. Negative values indicate that institutional investors are selling more than retail investors, who are predominantly active on the Binance platform. This behavior from retail investors contributes to the price decline observed in the Coinbase Advanced index.

Previously, this index recorded a 40-day consecutive negative premium from January 16 to February 24 this year, marking the longest negative streak since the index's launch, surpassing the approximately 30-day consecutive negative premium period during the "May 19 crash."