Coinbase Bitcoin Premium Index Stays Negative for 60 Days, Longest Streak on Record
Summary
- BlockBeats said Coinbase's Bitcoin premium index had remained negative for 60 straight days since June 19.
- It added that when the index stays in negative territory, it is generally interpreted as a sign that buying pressure in the US market is relatively weak.
- This is the first time the index has remained in negative territory for 60 consecutive days.
Forecast Trend Report by Period
Bitcoin's Coinbase premium index remained in negative territory for 60 consecutive days.
BlockBeats reported on July 17 that the Coinbase Bitcoin premium index stayed below zero for 60 straight days from June 19 through July 17. It is the first time the index has remained negative for 60 consecutive days.
The Coinbase Bitcoin premium index tracks whether Bitcoin prices on US crypto exchange Coinbase trade at a premium or discount to those on major global exchanges. A negative reading is generally viewed as a sign that buying pressure in the US market is relatively weak.
The index previously remained negative for 40 consecutive days from Jan. 16 through Feb. 24, which had been the longest stretch on record.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul