Coinbase Bitcoin Premium Hits Record Low at -0.1066% After 90-Day Streak
The Coinbase Bitcoin Premium Index has hit a 90-day record low, according to CoinGlass data. The index measures the percentage price difference between Bitcoin on Coinbase Pro and Binance, with a negative reading indicating that Bitcoin is trading at a discount on Coinbase relative to Binance.
Since May 19, the index has remained below zero for 90 consecutive days, surpassing its previous record of 40 days. The latest reading stands at -0.1066%. This prolonged period of negative readings may indicate weaker buying pressure in the market.
However, it's essential to note that a negative Coinbase Premium Index is not definitive evidence of institutional Bitcoin outflows. The indicator can be affected by various factors such as market structure, liquidity, arbitrage, and more.
Bitcoin continues to hover around the $63,000 level, with no significant changes in price over the past few days.