US Demand for Bitcoin Hits a 90-Day Low

For ninety consecutive days, Bitcoin's US demand has been sluggish, as indicated by the Coinbase Bitcoin Premium Index staying negative. This metric measures the price difference between Bitcoin on Coinbase and Binance, providing an estimate of buying or selling pressure from the US market. A negative reading means that Bitcoin is trading at a lower price on Coinbase than Binance.

The index currently stands at -0.1066% according to Coinglass, which raises concerns about sustained spot weakness on the US side. Although this does not necessarily portend a bear market or institutional withdrawal from Bitcoin, it may indicate that bulls are losing steam.

A previous report by AMBCrypto supported this analysis, highlighting that despite whale wallets buying 54,000 more Bitcoins since mid-June, the price action has remained lackluster. This has led to a weakening of the market's liquidity buffer, making it more susceptible to declines.