BTC reaches $62K amid Coinbase premium's historic 77-day downward run
The Coinbase Premium Index for Bitcoin has stayed in negative territory for an unprecedented 77 consecutive days, indicating diminished US spot market demand even as ETF inflows resume.
On Monday, Bitcoin dipped below the $63,000 threshold while the Coinbase Premium Index—a metric used to gauge US institutional appetite for Bitcoin—extended its negative run to 77 consecutive days.
Since May 19, Bitcoin has consistently traded at a discount on Coinbase when compared to international trading platforms, with the most recent premium rate sitting at -0.1369%, based on data from Coinglass. The premium's current negative streak now represents the longest such period on record as of Monday.
Markus Thielen, who heads 10x Research, explained that the negative premium serves as evidence that institutional investors in the United States continue to sell off their Bitcoin holdings.
The persistent discount of Coinbase prices relative to global exchanges suggests selling pressure from US-based institutions continues to outweigh buying demand
Markus Thielen, 10x Research
This extended period of discount pricing has persisted even as US Bitcoin ETF products shifted back to positive net monthly inflows throughout July. These investment vehicles pulled in $172.43 million over the course of the month, based on Sosovalue data, marking a reversal from the significant outflows experienced in June.
The previous record for the longest consecutive negative streak also occurred earlier in the current year, spanning 40 days between Jan. 16 and Feb. 24 during a period when Bitcoin dropped from $95,000 to below $65,000.