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Coinbase Bitcoin Premium records longest negative streak at 50 days
The Coinbase Bitcoin Premium Index has remained below zero for 50 consecutive days, marking the longest negative streak since the metric was introduced. According to analysts, the trend may signal continued selling pressure from U.S. institutional investors.
According to CoinGlass, the index has remained in negative territory since May 19, 2026. Its latest reading stands at -0.0742%.
The metric measures the difference between Bitcoin's price on Coinbase and its average price across global markets. Because Coinbase is widely regarded as one of the primary trading venues for U.S. institutional investors, a negative reading typically indicates stronger selling pressure in the United States than in other regions.
Since early May, the index has moved above zero only once. The previous record was a 40-day negative streak that lasted from Jan. 16 to Feb. 24, 2026.
Trend coincides with Bitcoin ETF outflows
Analysts noted that the prolonged weakness in the Coinbase Bitcoin Premium Index has coincided with persistent outflows from U.S. spot Bitcoin ETFs.According to Galaxy Digital Head of Research Alex Thorn, net outflows from those funds have reached approximately $6 billion since the beginning of the year.
Thorn added that total assets held by U.S. spot Bitcoin ETFs have fallen to about $74.4 billion, down from more than $150 billion at their peak. June was one of the weakest months on record for ETF flows, according to the data.
Metric reflects institutional sentiment
Despite the record-long negative streak, Coinbase shares closed the latest trading session more than 3% higher.Analysts nevertheless said the index remains one of the key indicators of demand from U.S. institutional investors. An extended period below zero may suggest that professional market participants continue to reduce their Bitcoin exposure.
For example, Strategy, the world's largest corporate Bitcoin holder, recently sold 3,588 BTC for approximately $216 million, reducing its holdings to 843,775 BTC.
The proceeds were used to fund preferred stock dividends and replenish the company's U.S. dollar reserve. JPMorgan analysts said Strategy's new capital framework could increase its influence on the market by positioning the company as not only a major buyer of Bitcoin but also a potential seller.
Earlier, South Korean company K Wave Media, widely viewed as one of Strategy's followers, abandoned its Bitcoin treasury strategy.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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