Coinbase’s Bitcoin premium index has remained negative for 39 consecutive days, currently at -0.0405% according to Coinglass data. This streak surpasses the previous record of approximately 30 days of negative premium seen during the “1011 crash.” Since the start of 2026, the index has posted a positive premium on only two trading days. The Coinbase Bitcoin Premium Index measures the price difference between Bitcoin on Coinbase and the global market average.
A negative premium indicates stronger selling pressure in the U.S. market, signaling a decline in investor risk appetite and a rise in risk-off sentiment or capital outflows. Persistent negative readings suggest U.S. demand has lagged behind global prices, potentially weighing on near-term price action and liquidity dynamics across exchanges.
As traders weigh risk, the ongoing streak underscores US-market-specific dynamics for Bitcoin, with potential implications for liquidity and capital flows. Market participants will be watching whether this trend reverses or extends, particularly as other exchanges show divergent pricing signals.
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