Bitcoin hits $62K while Coinbase premium hits 77-day negative streak
Summary
Bitcoin fell below $63,000 as the Coinbase Premium Index stayed negative for a record 77th straight day, signaling weaker U.S. institutional demand. Since May 19, Bitcoin has traded at a discount on Coinbase versus global exchanges, with the latest premium at -0.1369%, according to Coinglass. This persistent gap suggests selling pressure from U.S.-based institutions is still outweighing buying, even as U.S. Bitcoin ETFs returned to net inflows in July, taking in $172.43 million after heavy June outflows. The previous longest negative streak this year lasted 40 days, from Jan. 16 to Feb. 24, during a period when Bitcoin dropped from $95,000 to below $65,000.
