Coinbase Premium Index Hits Record Low with 75 Days Straight

The Coinbase Bitcoin Premium Index has hit a new record, remaining in negative territory for 75 consecutive days. This is the longest period on record since the indicator's inception. The index measures the difference between Bitcoin prices on Coinbase Pro and Binance, with a negative value indicating that the price on Coinbase is lower than on Binance.

The previous record was a 40-day streak of negative premium recorded between January 16 and February 24. This current period has also surpassed the approximately 30-day period of negative premium seen during the 'October 10 crash' last year.

An index in negative territory can signal weakening buying pressure or increasing selling pressure in the US market, but it's not accurate to conclude that US institutional investors are exiting Bitcoin solely based on this indicator. The index can be affected by various factors such as market liquidity, trading hours, investor profiles, and regional demand differences between exchanges.