Bitcoin's Coinbase Premium Index Hits 46-Day Negative Streak Since Mid-May

BTC-2.54%
According to crypto analyst Ali Martinez, the Coinbase Premium Index has remained negative for 46 consecutive days since mid-May, signaling diminished U.S. institutional Bitcoin buying pressure. The metric tracks the price gap between Bitcoin on Coinbase—viewed as the primary entry point for U.S. institutional capital—and offshore exchanges. A sustained negative reading indicates Bitcoin trades cheaper on Coinbase than international venues, suggesting institutional demand has effectively paused. Martinez noted this aligns with recent spot Bitcoin ETF net outflows, pointing to a broader pattern rather than an isolated weakness. He attributed the pullback to macroeconomic uncertainty, with U.S. smart money waiting on the sidelines for clearer macro signals before resuming accumulation.
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