US Bitcoin Demand Hits One-Month Low on Coinbase
Coinbase's Bitcoin demand has sunk to a one-month low, signaling that US institutional capital is losing confidence in the cryptocurrency. The Coinbase Premium Index, which gauges demand for Bitcoin among American traders, logged a seven-day negative streak at -0.0205%, its worst sustained reading since August 24.
The index tracks the price difference between Bitcoin on Coinbase and global exchanges like Binance. A positive reading indicates that US buyers are willing to pay a premium, while a negative one means demand in the US is weaker than abroad or that sellers among American holders are acting more aggressively.
Historically, extended periods of negative premium have coincided with US institutions being net sellers or inactive. The current seven-day streak looks less like an isolated event and more like a continuation of a broader mood that's dominated much of the year.