Coinbase Index Hits Record 90-Day Negative Streak for Bitcoin

The Coinbase Bitcoin Premium Index has recorded its longest negative streak on record, lasting 90 consecutive days from May 19 to August 16. According to CoinGlass data, the index remained below zero for this entire period, with a recent reading of -0.1066%. This prolonged imbalance in the spread between Coinbase Pro and Binance suggests that Bitcoin is trading at a relative discount on Coinbase.

Analyst Wu Blockchain pointed out that a persistently negative reading like this may indicate weaker buying demand in the United States or more intense selling pressure. However, it's essential to note that this data alone does not prove sustained institutional outflows.