Coinbase Bitcoin Premium Index negative for 90 days

The Coinbase Bitcoin Premium Index has stayed negative for 90 days, a record streak that signals weaker US demand for Bitcoin. Bitcoin trades cheaper on Coinbase than Binance, raising concerns about US market sentiment.

The Coinbase Bitcoin Premium Index has experienced a record-breaking 90-day negative streak, averaging around -0.1% from May 19 to August 16. This index measures the price difference of Bitcoin between Coinbase and Binance. A negative premium means Bitcoin has been consistently cheaper on Coinbase, suggesting weaker buying demand or stronger selling pressure from US investors. Analysts view this extended negative premium as a sign of declining US interest in accumulating Bitcoin, or possibly more Bitcoin leaving US platforms. The previous record for consecutive negative days was 40, making this streak unprecedented. Despite this, Bitcoin's price has held steady near $63,000. The ongoing discount highlights differences in demand between major trading centers and raises concerns about the health of US Bitcoin demand. Meanwhile, the Crypto Fear and Greed Index is at 34, indicating a market sentiment of fear.