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

The Coinbase Bitcoin Premium Index, a gauge of US investors’ appetite for Bitcoin, has remained below zero for its longest stretch on record.

Wu Blockchain, citing CoinGlass data on Aug. 16, reported that the index stayed negative for 90 consecutive days from May 19 through Aug. 16. That marks the longest run in negative territory since the data series began. The index was recently at -0.1066%.

The Coinbase Bitcoin Premium Index tracks the price gap between Bitcoin on Coinbase Pro in the US and on global crypto exchange Binance. A positive reading means Bitcoin is trading at a relatively higher price on Coinbase, typically signaling 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 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 liquidity and investor composition across exchanges can also affect price gaps, so the index should be viewed alongside other indicators, including flows into US spot-Bitcoin exchange-traded funds.