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

Bitcoin's price fell below $63,000 on Monday, marking another downturn for the cryptocurrency. According to Coinglass, the Coinbase Premium Index, a gauge of US institutional demand for Bitcoin, has been in negative territory for 77 days, with a current discount rate of -0.1369%.

This prolonged period of selling pressure from US-based institutions outweighs buying demand, said Markus Thielen, head of research at 10x Research.

The negative premium is not new to this year, as it previously lasted for 40 days from January 16 to February 24 when Bitcoin's price dropped below $65,000 from its peak of $95,000.