Coinbase Premium Index Hits Record 77-Day Negative Streak

The Coinbase Premium Index has recorded its longest negative streak ever, reaching 77 consecutive days in red territory. According to Coinglass, the index is currently at -0.1369%, indicating that spot buyers in the US are less aggressive than their international counterparts.

The price of Bitcoin fell below $63,000 on Monday, while Bitcoin ETFs in the US received $172.43 million in July, reversing the heavy outflows of June but failing to halt institutional selling pressure.

Markus Thielen, head of research at 10x Research, attributed the persistent discount of prices on Coinbase relative to global exchanges to continued selling pressure from U.S.-based institutions.