The Coinbase Bitcoin Premium Index has stayed negative for a record 102 consecutive days, extending the streak from the previously reported 90 days and signaling continued weakness in Bitcoin demand on the U.S.-based Coinbase exchange relative to the global market. The gauge compares Bitcoin prices on Coinbase and Binance, with a sub-zero reading indicating Bitcoin is trading at a discount on Coinbase. That is often read as softer U.S.-linked spot demand or heavier selling pressure, though the spread on its own does not prove institutional outflows because liquidity conditions, market structure and arbitrage can also affect it. The extended negative run reinforces the broader pattern of subdued U.S. spot demand for Bitcoin.