Coinbase Premium Hits Record 77-Day Low as Bitcoin Falls Below $63K
Bitcoin's price has fallen below $63,000 as it continues to trade at a discount on Coinbase relative to international exchanges. According to Coinglass, the Coinbase Premium Index has been in negative territory for 77 days, with the latest premium rate at -0.1369%. This persistent discount suggests that US institutional investors are still liquidating Bitcoin.
Markus Thielen, head of 10x Research, believes this is a sign of continued selling pressure from US-based institutions outweighing buying demand. Despite US Bitcoin ETFs attracting $172.43 million in net inflows last month, reversing June's heavy outflows, the prolonged discount continues.
The prior longest negative streak occurred earlier this year, lasting 40 days from January 16 to February 24 when Bitcoin's price slid under $65,000 from a high of $95,000. This trend raises questions about the ongoing impact of US institutional investors on Bitcoin's price dynamics.