Coinbase Bitcoin Premium Index Hits Record 78-Day Low
The Coinbase Bitcoin Premium Index has been in negative territory for 78 consecutive days, a record that surpasses its previous longest streak of 40 days. According to CoinGlass data, the latest reading stands at -0.1145%, indicating that Bitcoin is trading at a relative discount on Coinbase compared with other major exchanges.
This persistent negative premium suggests weaker US buying activity or stronger selling pressure from domestic institutions, as noted by Markus Thielen, head of research at 10x Research. The contrast with the ETF market is striking, where US spot Bitcoin ETFs swung back to net inflows in July, pulling in $172.43 million for the month.
The divergence between these two groups, institutional channels that are cautiously re-entering and spot-market participants on Coinbase who remain net sellers, will say a lot about which group ends up setting the tone for Bitcoin's next move. The record-length discount alongside returning ETF inflows suggests the US market isn't uniformly bullish or bearish.