Bitcoin’s Persistent Discount on Coinbase Premium Deepens, Extending Its Longest Negative Streak Ever
TL;DR:
- Bitcoin fell below $63,000 on Monday and the Coinbase Premium Index has accumulated 77 consecutive days in negative territory.
- The index registers a discount of -0.1369% according to Coinglass, the longest negative streak in the indicator’s history.
- Bitcoin ETFs in the U.S. received $172.43 million in July, reversing the heavy outflows of June, but without halting institutional selling pressure.
The Coinbase Premium Index, which measures U.S. institutional demand for Bitcoin through the price differential between Coinbase and international exchanges, has accumulated 77 consecutive days in negative territory, the longest streak ever recorded.
The indicator currently stands at -0.1369% according to data from Coinglass, signaling that spot buyers in U.S. territory continue to be less aggressive than their counterparts in the rest of the world. The price of BTC fell below $63,000 on Monday.
The Institutional Pressure on Bitcoin
Markus Thielen, head of research at 10x Research, explained that the persistent discount of prices on Coinbase relative to global exchanges indicates that selling pressure from U.S.-based institutions continues to outpace buying demand. “The persistent discount of Coinbase prices versus international exchanges suggests that selling pressure from U.S. institutions continues to outpace buying demand,” Thielen stated. The index has remained in the red without interruption since May 19.
… Continue reading the full article at the original source below.
