Coinbase Bitcoin Premium Stays Negative for 50 Straight Days as U.S. Buying Weakens
Summary
- Coinbase's Bitcoin Premium Index has remained in negative territory for 50 consecutive days, according to a report.
- The index stood at -0.13%, while its 30-day average was -0.15%, signaling weaker buying demand and stronger selling pressure in the U.S. market.
- The Coinbase Bitcoin Premium Index measures the Bitcoin price gap between Coinbase and Binance.
Forecast Trend Report by Period
Coinbase's Bitcoin premium index has remained in negative territory for 50 consecutive days.
Odaily, citing CoinGlass data on Nov. 12, reported that the Coinbase Bitcoin premium index has recorded negative readings for 50 straight days.
The index stood at -0.13% as of that day. Its 30-day average was -0.15%.
The Coinbase Bitcoin premium index measures the gap in Bitcoin prices between U.S. crypto exchange Coinbase and global crypto exchange Binance. A negative reading is typically interpreted as a sign that buying demand in the U.S. market has weakened or that selling pressure has increased.
The index previously turned positive on Aug. 24, ending a 97-day negative stretch that had lasted since mid-May. That 97-day run was the longest period in negative territory on record for the index.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul