Coinbase Bitcoin premium negative for record 60 straight days

According to data from Coinglass, the Coinbase Bitcoin Premium Index has recorded a negative premium for 60 consecutive days since May 19, setting a new record. The most recent reading for the index is -0.0908%. This surpasses the previous record of 40 consecutive days of negative premium, which was set between Jan. 16 and Feb. 24 of this year. A sustained negative premium is often associated with outflows of U.S. institutional capital, suggesting potential short-term downward pressure on prices.