Coinbase Bitcoin Premium Stuck at Record Low

The Coinbase Bitcoin Premium Index has been stuck in negative territory for an unprecedented 48 days, its longest streak on record. Since May 19, the index has only recorded one positive day, with Bitcoin trading at a discount on Coinbase compared to the global average.

This persistent selling pressure from U.S. investors is reflected in $6 billion in Bitcoin ETF withdrawals year-to-date, according to SoSoValue. Total net assets in spot Bitcoin ETFs have dropped to $74.37 billion, down from a peak of over $150 billion.

Historically, long stretches of negative premiums have been accompanied by U.S. institutional money leaving the market. Analysts warn that this trend calls for caution about near-term pullback pressure.