Coinbase Bitcoin Premium Stays Negative for 90 Days, Longest Streak on Record

The Coinbase Bitcoin Premium Index, a gauge of US investors’ buying appetite for Bitcoin, has remained in negative territory for a record 90 straight days.

Wu Blockchain, citing CoinGlass data on August 15, reported that the index stayed below zero for 90 consecutive days from May 19 through August 15. That marks the longest negative streak since the data began. The latest reading was -0.1066%.

The Coinbase Bitcoin Premium Index tracks the price gap between Bitcoin on US-based Coinbase Pro and global crypto exchange Binance. A positive reading means Bitcoin is trading at a relatively higher price on Coinbase, which is typically interpreted as a sign of stronger buying demand in the US market. A sustained negative reading means Bitcoin is trading at a lower price on Coinbase than on Binance, suggesting relatively weaker buying demand from US investors or stronger selling pressure.

Still, a decline in the premium index alone is not enough to conclude that US institutional money is steadily leaving the market. Differences in exchange liquidity and investor composition can also affect price gaps, so the index should be viewed alongside other indicators, including flows into and out of US spot Bitcoin exchange-traded funds.