Bitcoin Coinbase Premium Stays Negative for 78 Straight Days, Longest on Record
Forecast Trend Report by Period
US investor demand for Bitcoin has remained weaker than in the broader global market for an extended period, crypto media outlet Odaily reported on Aug. 4.
The Coinbase Bitcoin Premium Index has stayed below zero for 78 consecutive days since May 19. Its latest reading was -0.1145%.
The index measures the gap in Bitcoin prices between US exchange Coinbase and global exchanges. A negative reading means Bitcoin is trading at a relatively lower price on Coinbase, indicating weaker buying demand from US investors than in overseas markets.
The index previously stayed negative for 40 straight days from Jan. 16 to Feb. 24, which was the longest streak on record at the time. The current 78-day run has nearly doubled that mark and set a new record.
It is also longer than the roughly 30-day stretch of negative readings recorded during last October's selloff.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.