Coinbase Bitcoin Premium Hits Record 78-Day Low

The Coinbase Bitcoin Premium Index has been stuck in negative territory for an unprecedented 78 consecutive days. This milestone was reached on August 4, according to crypto media outlet Odaily.

The index measures the price gap between US exchange Coinbase and global exchanges. A negative reading indicates weaker buying demand from US investors compared to overseas markets.

This current streak has nearly doubled the previous record of 40 consecutive days set in January and February. The previous longest period was a roughly 30-day stretch during last October's market selloff.