Coinbase BTC premium stays negative for 80 days, extending record streak

Coinbase’s Bitcoin premium index has remained in negative territory for 80 consecutive days since May 19, extending the longest such streak on record, according to CoinGlass. As of 12:00 a.m. UTC on Aug. 6, the latest reading stood at -0.0978%. The previous longest negative streak lasted 40 days, from Jan. 16 to Feb. 24 this year. Amid relatively weaker buying pressure from U.S. investors, the duration of the negative premium has continued to set fresh record highs day after day. Historical data shows prolonged negative premiums have often coincided with periods of slower buying by U.S. investors and weaker institutional demand.