The Coinbase Bitcoin Premium Index remained negative for 97 consecutive days from May 19 through Aug. 23, according to CoinGlass, setting a new record for the longest uninterrupted negative streak. The previous longest period lasted 40 days from Jan. 16 to Feb. 24 this year. This also exceeded the roughly 30-day period of negative readings during last year’s October 11 crash, known as the "1011 crash." CoinGlass’s latest reading stood at -0.0266% on Aug. 23. The index measures the Bitcoin price gap between Coinbase Pro and Binance. A prolonged negative reading means Bitcoin is trading at a lower price on Coinbase than on the comparison markets, suggesting that buying demand in the U.S. market has been relatively weaker than in global markets. It can also reflect greater selling pressure in the U.S., but the indicator alone does not establish that institutional funds are flowing out.