A key metric tracking Bitcoin price gaps between Coinbase and offshore exchanges remains negative for 46 days, indicating weak institutional demand.
The Coinbase Premium Index, a gauge of U.S. institutional Bitcoin demand, has stayed below zero for 46 consecutive days since mid-May. The index measures the price difference between Bitcoin on Coinbase and international exchanges, with negative readings suggesting lower demand on the U.S. platform.
This streak aligns with net outflows from U.S.-listed spot Bitcoin ETFs, reinforcing a broader pullback in institutional activity. Analysts link the trend to macroeconomic uncertainty, with investors adopting a wait-and-see approach rather than exiting the market entirely.
The sustained negative premium highlights a shift in institutional sentiment, as Coinbase is considered a primary entry point for U.S. capital in crypto markets.