Coinbase Bitcoin Premium Index Hits Record Low

The Coinbase Bitcoin Premium Index has hit an unprecedented 78 consecutive days of negative values, indicating that Bitcoin continues to trade at a discount on Coinbase.

This reading comes as no surprise given the current bearish trend in the market, with Bitcoin down by nearly 50% from its record high to around $64,000.

The index tracks the price differential of BTC between Coinbase and other major exchanges, serving as a key gauge for US market appetite. Prolonged negative values signal subdued demand from American investors or heightened selling activity.