
According to Coinglass, the negative streak is the longest since the index began, implying persistent U.S. selling pressure and softer U.S. spot market demand as Coinbase’s BTC trades below the global average.
Coinglass data shows the Coinbase Bitcoin Premium Index has stayed negative for 40 consecutive days, with a latest reading of -0.0467%, marking its longest streak since inception. The index compares Coinbase’s BTC price to the global average; a negative premium/discount indicates Coinbase is trading at a discount, often associated with U.S. selling pressure and heightened risk aversion.