Coinbase Bitcoin Premium Index Remains Negative for Four Days
The Coinbase Bitcoin Premium Index has been negative for four consecutive days, indicating that Bitcoin is trading at a lower premium on Coinbase compared to Binance. On September 26, the index stood at -0.0082%, showing that the asset is quoted lower on Coinbase than on Binance.
This reading below zero can be seen as a signal of weaker U.S. buying or stronger selling pressure in the Coinbase market. However, it's essential to note that this indicator does not directly show institutional investors withdrawing funds, but rather reflects changes in relative buying or selling pressure between the two exchanges.
The index has shown some improvement compared to earlier readings, with a modest decline from previous negative levels. On September 13, the index was at -0.0205%, and on August 12, it reached -0.1073%. The current level is closer to zero than these previous readings.