Coinbase Bitcoin Premium Index stays negative for a record 62 days

The Coinbase Bitcoin Premium Index remained in negative territory for a record 62 consecutive days from May 19 to July 19, extending the longest losing streak since the gauge was created. The latest reading was -0.0633%, according to Coinglass data. The index measures whether Bitcoin on Coinbase trades at a premium or discount to major global exchanges, and a negative reading is generally interpreted as a sign of weaker U.S. buying pressure, particularly from institutions, than on offshore venues. The new stretch surpassed the previous record of 40 consecutive negative days earlier this year and also exceeded the roughly 30-day negative period seen during the "1011 Crash."