Coinbase Discount Hits Record Length as US Investors Continue to Sell

Bitcoin's price has been impacted by a prolonged discount on Coinbase relative to global exchanges. The cryptocurrency fell under $63,000 on Monday as the Coinbase Premium Index reached its 77th day in the red. This negative premium indicates that US institutional investors are still liquidating Bitcoin.

According to Markus Thielen of 10x Research, the persistent discount suggests selling pressure from US-based institutions continues to outweigh buying demand. The prior longest negative streak lasted for 40 days from Jan. 16 to Feb. 24 when Bitcoin slid under $65,000 from $95,000.

Notably, this prolonged discount has continued despite US Bitcoin ETFs returning to net inflows in July. The funds attracted $172.43 million during the month, reversing June's heavy outflows.