Coinbase Premium Stays Negative for 102 Days Straight
Prefer us on GoogleThe Coinbase Premium Index has remained negative for 102 consecutive days since May, raising concerns about weakened demand for Bitcoin (BTC) in the U.S. As the price of BTC on Coinbase drops below that on Binance, it is interpreted that the relative buying strength on U.S. exchanges is weaker than in the global market. The Coinbase Premium Index is an indicator that compares the price difference of BTC between Coinbase and Binance, and a negative value indicates that the price on Coinbase is lower than that on Binance. This has led the market to interpret it as a signal of relatively weak spot demand in the U.S. However, due to differences in date calculations, some reports indicated that the Coinbase Premium turned negative at -0.0109 on May 7. While the weakness in the Coinbase Premium raises suspicions about a slowdown in U.S. spot demand, it is difficult to definitively determine the direction of BTC prices or institutional fund flows based solely on this indicator. Evaluations suggest that factors such as ETF setups and redemptions, over-the-counter trading, inflows and outflows from exchanges, and derivatives positions should also be considered.
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