Coinbase Premium Index Hits Record 77-Day Negative Streak for Bitcoin

Bitcoin's price has dipped below $63,000 as US institutional demand for the cryptocurrency remains weak. The Coinbase Premium Index, which reflects this demand, has now been in negative territory for 77 days.

This is the longest such streak on record, surpassing a previous high of 40 days seen earlier this year from January 16 to February 24 when Bitcoin's price fell below $65,000 from its peak at $95,000.

Markus Thielen, head of 10x Research, attributed the negative premium to ongoing liquidation by US-based institutions, saying that 'the persistent discount of Coinbase prices relative to global exchanges suggests selling pressure from US-based institutions continues to outweigh buying demand.'