Coinbase Bitcoin Price Hits 90-Day Record Low as Demand Weakens

The Coinbase Bitcoin Premium Index has hit a record low, remaining negative for 90 consecutive days from May 19 to August 16. This indicator measures the price difference of Bitcoin between Coinbase Pro and Binance, with a value below zero indicating that Bitcoin is trading at a lower price on Coinbase compared to Binance.

According to CoinGlass data, the index's latest value was recorded at -0.1066%, showing that the Bitcoin price on Coinbase is currently at a relative discount of 0.11% compared to Binance. The 90-day negative streak stands out as the longest period in the index's history.

The trend of a negative premium value may suggest that buying demand in the US market has weakened or that there is more intense selling pressure on the Coinbase side, as Coinbase is a widely used exchange in the US. However, it's essential to note that this data only shows the Bitcoin price difference between the two exchanges and does not necessarily indicate institutional investors are continuously exiting the market.