Bitcoin’s Coinbase Premium Falls to -0.1025%, a Record 60-Day US Discount

The Coinbase Bitcoin Premium Index has stayed negative for 60 consecutive days since May 19, according to data from Coinglass, with the latest reading at -0.1025%. That is the longest stretch of negative readings on record, surpassing a previous 40-day run of discounts logged between January and February of this year.

The index tracks the price gap between Bitcoin on Coinbase and on Binance. A negative reading means BTC has traded cheaper on Coinbase than on the global benchmark exchange, a signal that US buyers are not paying up for spot supply. The metric has spent the last two months almost entirely below zero, with only brief, hourly upticks breaking the pattern.

What the discount is telling traders

Coinbase has long served as a proxy for US institutional flow, since it is the exchange of choice for many American asset managers, corporations and ETF market participants. A sustained discount there implies that institutions are not stepping in to absorb supply through Coinbase at a pace that would push its price above Binance’s.

That reading lines up with a broader pullback in Bitcoin’s price. The asset fell from above $82,000 in mid-May to under $57,000 in early July, and it has since been sliding toward the $63,000 area as spot ETF flows remain thin. The timing overlaps almost exactly with the start of the negative-premium streak on May 19.

Bearish signal, or a sign of resilience?

The read on this data cuts both ways. On one hand, the US is Bitcoin’s single largest market by trading volume and institutional presence, so a two-month absence of net US demand removes one of the asset’s most reliable buying forces at a time when the broader market is already under pressure from risk-off moves in equities, including a chip-stock selloff.

On the other hand, Bitcoin has managed to hold key support levels even without that American bid, which some traders view as a sign the market isn’t as fragile as the headline number suggests. Whether the premium flips positive again will hinge on whether US institutions and ETF buyers return to accumulate at current prices.

Why it matters for holders

For traders watching flow data, the Coinbase Premium Index is a quick gauge of where marginal demand is coming from. A prolonged negative streak like this one suggests that any near-term rally will need to come from international markets or leveraged derivatives activity rather than fresh US spot buying, at least until the index turns positive again.

Read more: Bitcoin Falls to $63,917, Ether to $1,843 as China’s Kimi K3 AI Model Spooks Markets

Sources

• cryptopotato.com
• theblock.co