Data: The Coinbase Bitcoin premium index has been negative for 44 consecutive days, setting a new record for the longest continuous negative streak, with the latest report at -0.1089%

According to Coinglass data, the Coinbase Bitcoin premium index has been in the negative premium range for 44 consecutive days, with the latest value at -0.1089%. This index measures the deviation of the BTC price on Coinbase (a mainstream compliant platform in the U.S.) relative to the global average price. A sustained negative value indicates heavy selling pressure in the U.S. market, a decline in risk appetite, capital outflows, or rising risk aversion.

Historical data shows that long-term negative premiums are often accompanied by the exit of institutional funds from the U.S., necessitating caution regarding short-term pullback pressure. Darkfost, an author on the CryptoQuant platform, stated that there is a lag in institutional demand for BTC. The Coinbase premium index is primarily used to assess the demand for Bitcoin among professionals and institutions. By comparing BTC prices on Coinbase Advanced and Binance, you can directly understand the purchasing behavior of these users.

Negative data indicates that the amount sold by institutional investors exceeds that of retail investors, while retail investors are mostly active on the Binance platform, and their behavior has led to the decline in the price of the Coinbase premium index. Previously, this index was in negative premium for 40 consecutive days from January 16 to February 24 this year, setting the record for the longest "consecutive negative" since the index was launched, surpassing the approximately 30 days of consecutive negative premium during the "1011 crash."