Data: The Coinbase Bitcoin premium index has been negative for 48 consecutive days, setting a new record for the longest "negative streak," with the latest report at -0.0911%

According to Coinglass data, the Coinbase Bitcoin premium index has been in a negative premium range for 48 consecutive days (from May 19 to present), with the latest value at -0.0911%. 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. The 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., and caution is needed regarding short-term pullback pressure. The Coinbase premium index is primarily used to assess the demand for Bitcoin among professionals and institutions. By comparing the BTC prices on Coinbase Advanced and Binance, one 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 Coinbase premium index. Previously, this index was in a negative premium for 40 consecutive days from January 16 to February 24 this year, setting the longest "continuous negative" record since the launch of this indicator, surpassing the approximately 30 days of continuous negative premium during the "1011 crash."