Bitcoin Coinbase Premium Negative for 21 Days…"Bottom Not Formed Yet"

Suehyeon Lee

Summary

Reported that the Bitcoin Coinbase premium index has been negative for 21 consecutive days, indicating continued selling pressure in the U.S. market.
Noted that, based on past cases, a clear trend reversal may be difficult until the premium recovers.
The outlet predicted that the recovery of the Coinbase premium will be a key indicator determining future market direction.

In the Bitcoin (BTC) market, the Coinbase Bitcoin premium index has recorded negative (–) values for 21 consecutive days, continuing the longest decline period in the current correction cycle.

On the 24th (local time), according to CoinGlass data cited by BeInCrypto, the Coinbase Bitcoin premium index has remained at or below 0 since early November, and during the same period Bitcoin's price plunged from near $120,000 to about $84,000.

The indicator shows relative selling pressure on U.S.-based exchanges and is known to reflect the sentiment of U.S. institutional investors.

BeInCrypto analyzed, "The long-term negative Coinbase premium suggests the Bitcoin market has not yet formed a clear bottom." It pointed out that in past cases, a clear trend reversal only appeared after the premium turned to recovery, meaning the current short-term rebound is still likely to be suppressed by institutional selling.

Future direction is expected to be determined by changes in the Coinbase premium. The outlet said, "If the Coinbase premium returns to neutral or positive territory, market sentiment could recover along with a shift to net buying by U.S. institutions, but if the current state persists, any rebound will be limited."

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