TL;DR:
The Coinbase Premium Index, which measures U.S. institutional demand for Bitcoin through the price differential between Coinbase and international exchanges, has accumulated 77 consecutive days in negative territory, the longest streak ever recorded.
The indicator currently stands at -0.1369% according to data from Coinglass, signaling that spot buyers in U.S. territory continue to be less aggressive than their counterparts in the rest of the world. The price of BTC fell below $63,000 on Monday.
Markus Thielen, head of research at 10x Research, explained that the persistent discount of prices on Coinbase relative to global exchanges indicates that selling pressure from U.S.-based institutions continues to outpace buying demand. “The persistent discount of Coinbase prices versus international exchanges suggests that selling pressure from U.S. institutions continues to outpace buying demand,” Thielen stated. The index has remained in the red without interruption since May 19.
The situation is striking because Bitcoin ETFs in the U.S. returned to positive net flows in July, with inflows exceeding $172.43 million according to Sosovalue, thereby reversing the substantial outflows of June. However, that recovery in exchange-traded funds failed to translate into greater buying aggressiveness in the spot market for Bitcoin through Coinbase.
The previous longest negative streak also occurred in 2025, when the index remained in negative territory for 40 consecutive days, between January 16 and February 24, a period during which Bitcoin’s price plunged from $95,000 to values below $65,000. The current 77-day streak nearly doubles that prior record and extends with no clear signs of reversal.
