BTC Coinbase Premium negative for 58 straight days amid weak US demand

The Bitcoin Coinbase Premium Index has remained in negative territory for 58 consecutive days, indicating sustained weak demand in the U.S. market. According to Coinglass data, the index registered -0.0851% as of 0:00 a.m. UTC on July 15. The metric has been consistently negative since May 19, after last recording a positive value of 0.0244% on May 18. The premium dipped to around -0.19% in late May and early June. It briefly recovered to -0.0622% on June 13 before falling again to -0.1163% the next day. This index measures the price difference for Bitcoin between the U.S.-based exchange Coinbase and the global average. A positive reading suggests buying pressure and institutional inflows in the U.S., while a negative value points to selling pressure and risk-off sentiment.