Coinbase Bitcoin Premium Stays Negative for Seven Straight Days as US Buying Weakens Again
Summary
- Coinbase's Bitcoin premium index remained negative for seven straight trading days.
- A negative reading in the index is interpreted as a sign that Coinbase's Bitcoin price is relatively lower and that buying interest in the US market is weak.
- Still, the premium index alone is not enough to determine whether US institutional capital is flowing out.
Forecast Trend Report by Period
Buying interest for Bitcoin in the US market has weakened again, with Coinbase's Bitcoin premium index remaining in negative territory for seven straight trading days.
Crypto media outlet BlockBeats, citing CoinGlass data on Sept. 13, reported that Coinbase's Bitcoin premium index had stayed below zero over the past seven days. The latest reading was -0.0205%.
The Coinbase Bitcoin premium index measures the price gap in Bitcoin between Coinbase and Binance. A negative reading means Bitcoin is trading at a relatively lower price on Coinbase, a sign of weaker buying demand in the US market or stronger selling pressure.
The index previously turned positive on Aug. 24, reaching 0.0052% for the first time since May 19. That ended a record 97-day stretch of negative premiums.
Still, the premium index alone is not enough to determine whether institutional capital is flowing out of the US market.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.