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Bitcoin hits $62K while Coinbase premium hits 77-day negative streak
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- DeepHorus
Bitcoin slipped below $63,000 on Monday as the Coinbase Premium Index extended its negative streak to 77 days, signaling persistent weakness in US institutional demand. The index, which measures the price gap between Coinbase and international exchanges, stood at -0.1369%, according to Coinglass. This marks the longest consecutive negative period in the metric's history, surpassing a 40-day streak seen earlier this year. The discount first appeared on May 19 and has continued despite US spot Bitcoin ETFs returning to net inflows in July. Sosovalue data shows these funds attracted $172.43 million during the month, reversing June's heavy outflows. Nonetheless, the ongoing gap suggests American buyers remain less aggressive than overseas traders. Markus Thielen, head of 10x Research, attributed the prolonged discount to sustained selling pressure from US-based institutions. 'The persistent discount of Coinbase prices relative to global exchanges suggests selling pressure from US-based institutions continues to outweigh buying demand,' he told Cointelegraph. The previous record negative streak also occurred this year, lasting 40 days from January 16 to February 24, when Bitcoin slid from $95,000 to under $65,000. This historical parallel highlights the potential significance of the current weakness in the premium gauge. The divergence is notable because rising ETF inflows typically indicate renewed institutional appetite, yet the persistent discount implies that spot-market selling from miners, treasuries, or over-the-counter desks remains dominant. Analysts suggest non-US buyers are absorbing supply that American institutions are shedding, which could keep Bitcoin under pressure. If the index fails to return above zero, Bitcoin may struggle to hold recent support levels. However, a reversal in the premium could quickly shift market sentiment and trigger a recovery. For now, traders will monitor whether the Coinbase Premium Index can break its negative streak, as that would signal a return of US institutional buying. Until then, this record-long discount serves as a cautionary indicator for Bitcoin's near-term momentum.
