Coinbase Premium Index Hits Record Low as Bitcoin Sells Off

Bitcoin's price has fallen below $63,000 on Monday, marking a significant drop for the cryptocurrency. This decline comes as the Coinbase Premium Index, a gauge of US institutional demand for Bitcoin, reaches its 77th consecutive day in negative territory.

The persistent discount of Coinbase prices relative to global exchanges suggests that US-based institutions are still selling Bitcoin, according to Markus Thielen, head of 10x Research. This indicates that selling pressure outweighs buying demand among these investors.

Notably, the prolonged discount has continued despite a recent surge in US Bitcoin ETF inflows. In July, these funds attracted $172.43 million, marking a significant reversal from June's heavy outflows.

The prior longest negative streak for the Coinbase Premium Index was 40 days, which occurred earlier this year when Bitcoin's price slid under $65,000 from its peak of $95,000.