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 data from Coinglass, the Coinbase Bitcoin Premium Index has been in negative territory for 44 consecutive days (from May 19 to present), 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. Sustained negative values indicate 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 capital outflows from US institutions, warning of potential short-term correction pressure.

CryptoQuant author Darkfost stated that there is a lag in institutional demand for BTC. The Coinbase Premium Index is primarily used to assess demand for Bitcoin from professionals and institutions. By comparing BTC prices on Coinbase Advanced and Binance, you can directly gauge the buying behavior of these users. Negative data means that institutional investors are selling more than retail investors, who are mostly active on the Binance platform. Their behavior contributes to the price decline in the Coinbase Premium Index.

Previously, the index was in negative premium territory for 40 consecutive days from January 16 to February 24 this year, setting the record for the longest streak since the index's launch, surpassing the approximately 30-day continuous negative premium during the "1011 crash."