Coinbase Bitcoin Premium Stuck In Negative Territory For 48 Days, Longest Streak On Record

According to SoSoValue, the signal is consistent with around $6 billion in Bitcoin ETF withdrawals year to date, with total net assets now at $74.37 billion, down from a peak of more than $150 billion.

• The Coinbase Bitcoin Premium Index has been in the red for 48 consecutive days, its longest stretch on record, since May 19.
• Since early May, the index has recorded just one positive day, with Bitcoin otherwise trading at a disadvantage on Coinbase versus the worldwide average.
• The stretch is longer than the previous record of 40 minus days from Jan. 16 to Feb. 24 this year.

The Coinbase Bitcoin Premium Index has been negative for 48 days in a row as of Sunday, its longest streak ever, in a sign of persistent selling pressure from U.S. investors, according to Coinglass data.

The index, which tracks the differential between the price of Bitcoin (BTC) on Coinbase (COIN) and the global average, has been below zero since May 19, and the latest reading is -0.0911%. The index has printed only one day of positive premium since early May – a lone green bar in mid-May – while all other sessions have witnessed Bitcoin trading at a discount on Coinbase relative to the global average.

Coinbase is the main venue for U.S. professional and institutional buyers, so the premium is a popular proxy for U.S. institutional demand, while global retail flows are focused on platforms like Binance (BNB). Continued negative readings mean U.S.-based investors are selling more aggressively than the rest of the market.