Coinbase Premium Index Hits Record 77-Day Negative Streak
Bitcoin's price has been struggling on Coinbase, extending its longest negative streak ever. The Coinbase Premium Index has been in the red for 77 consecutive days, a record that nearly doubles the previous longest period of 40 days in 2025.
The index currently stands at -0.1369%, according to Coinglass, indicating that U.S.-based institutional investors are selling more than they're buying. This is despite the fact that Bitcoin ETFs in the U.S. saw a significant influx of $172.43 million in July, reversing the heavy outflows of June.
Markus Thielen, head of research at 10x Research, explained that the persistent discount on Coinbase prices relative to global exchanges suggests that selling pressure from U.S.-based institutions continues to outpace buying demand.