Coinbase Bitcoin Premium Stays Negative for Record 77th Straight Day

Bitcoin has traded at a persistent price discount on Coinbase compared to international exchanges for 77 consecutive days, marking the longest negative streak on record for the Coinbase Premium Index. The gauge, widely used as a proxy for US institutional demand, currently sits at negative 0.1369%, according to data from Coinglass.

Analyst Points to Continued Institutional Selling

The prolonged discount, which began May 19, suggests American institutional investors remain net sellers of Bitcoin. Markus Thielen, head of 10x Research, said the pattern reflects selling pressure from US-based institutions outweighing buying demand, even as global exchanges show relatively stronger pricing.

ETF Inflows Return But Fail to Lift the Premium

The negative streak has persisted despite US spot Bitcoin ETFs returning to net inflows in July, pulling in $172.43 million for the month and reversing heavy outflows seen in June. The disconnect suggests ETF buying has not been enough to offset broader institutional selling pressure showing up on Coinbase.

The previous longest negative streak also occurred this year, lasting 40 days between January 16 and February 24, a period when Bitcoin fell from around $95,000 to under $65,000.