Bear market continues? Coinbase Bitcoin Premium Index has been negative for 44 consecutive days, setting a new “longest negative streak” record, 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 date), with the latest value at -0.1089%. This index measures the deviation of BTC price on Coinbase (a major US compliant exchange) from the global average price. Sustained negative values indicate relatively heavy selling pressure in the US market, declining risk appetite, capital outflows, or rising risk aversion. Historical data shows that prolonged negative premiums are often accompanied by institutional capital outflows in the US, warranting caution regarding short-term downward pressure.

Darkfost, an author on the CryptoQuant platform, stated that BTC institutional demand exhibits a lag effect. 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, you can directly gauge the buying behavior of these users. Negative values mean that institutional investors are selling more than retail investors, who are mostly active on the Binance platform, and their behavior is contributing to the price decline on the Coinbase Advanced index.

Previously, this index recorded a continuous negative premium for 40 days from January 16 to February 24 of this year, setting the longest “negative streak” record since the index's launch, surpassing the approximately 30-day consecutive negative premium period during the “1011 crash”.