Coinbase Premium Index Streak Hits Record 90 Days
The Coinbase Bitcoin Premium Index has been in negative territory for 90 consecutive days, surpassing its previous record of 40 consecutive negative days set earlier this year. The index tracks the difference between Bitcoin prices on Coinbase and other major exchanges, with a negative reading indicating that Bitcoin is trading at a lower price on Coinbase than on the comparison markets.
The streak began on May 19 when the index first turned red, and as of August 16, it still remains in negative territory. The latest reading stood at approximately -0.1066%, indicating a relative discount on Coinbase compared to Binance.
A prolonged negative premium is often seen as a sign of weaker buying demand on Coinbase, which is widely used by US investors and thus has thinner spot market activity. However, the index alone does not confirm sustained institutional selling or capital outflows, and other factors such as exchange liquidity, market structure, and trading activity also influence the premium.
The persistent negative premium has coincided with a broader decline in Bitcoin's price, which traded at approximately $76,750 on May 19 when the current negative streak began. Now, the digital gold is trading around $63,000-63,100 by mid-August, representing a decline of roughly 18% over the three-month period.