Coinbase Discount Signals Weak US Demand as Bitcoin Holds Near $63K

The Coinbase Bitcoin Premium Index has recorded its longest negative streak on record, staying below zero for 90 consecutive days. The index currently sits at roughly -0.1066% after reaching a low of -0.1% on August 16.

This prolonged discount points to weaker U.S. buying demand or stronger selling pressure on the U.S.-based exchange, according to market expert JohnNguyen.

Despite this, Bitcoin has managed to hold near $63,000, with the Crypto Fear and Greed Index remaining at 34, indicating a cautious market sentiment.