Coinbase Premium Index Hits Record 76-Day Negative Streak as Institutional Demand Shifts

The Coinbase Premium Index for Bitcoin has been in negative territory for 76 consecutive days since May 19, marking its longest streak ever.

This is almost double the previous record of 40 consecutive negative days set between January 16 and February 24 of this year. The current reading stands at -0.1012%, according to Coinglass data.

Historically, the index has been a barometer of US institutional demand, tracking the difference between the price of Bitcoin (BTC) on Coinbase (COIN) and the global average. A negative reading indicates that Bitcoin was trading at a discount on Coinbase compared to other major exchanges.

The weakness in US institutional demand is also reflected in softening flows into spot crypto exchange-traded funds (ETFs). The US spot Bitcoin ETFs saw net outflows of $265.37 million on Friday, and $61.53 million for the week, with BlackRock's IBIT, Fidelity's FBTC, and Grayscale's GBTC all recording single-day outflows.