Coinbase Bitcoin Premium Stays Negative for 49th Straight Day, Longest Streak on Record

Coinbase’s Bitcoin premium index remained in negative territory for a 49th straight day, extending its longest run below zero on record.

Crypto media outlet Odaily reported on July 6, citing CoinGlass data, that the Coinbase Bitcoin premium index has posted a negative reading every day from May 19 through July 6. The latest reading was -0.1072%.

The Coinbase Bitcoin premium index measures whether Bitcoin prices on the U.S. exchange Coinbase trade at a premium or discount to major global exchanges. A negative premium is generally interpreted as a sign of relatively weak buying interest in the U.S. market.

The index previously set its longest negative streak this year, remaining below zero for 40 consecutive days from Jan. 16 through Feb. 24. It has now exceeded that record, extending the negative run to 49 days.

Odaily wrote that an extended negative premium has generally coincided with outflows of U.S. institutional capital and said investors should watch for short-term correction pressure.