Coinbase Bitcoin Premium Stays Negative for Nearly a Month

Bitcoin continues to trade under persistent pressure from U.S.-based demand. According to a CryptoQuant report, the Coinbase Bitcoin Premium Index has remained negative for 25 consecutive days, marking one of the longest sustained discounts in recent months.

The Coinbase Premium measures the price difference between Bitcoin on Coinbase and other major exchanges.

When the metric is negative, it indicates that Bitcoin is trading at a discount on Coinbase, suggesting weaker buying interest from U.S. investors relative to global markets.

What the Chart Shows

The chart highlights repeated failures of the premium to move back above zero. Even during short-lived price rebounds, the premium remained negative, showing that upside moves were not driven by strong spot demand from Coinbase participants.

At the latest reading, the premium sits around -0.1, while Bitcoin trades near the $89,500 area, reinforcing the idea that rallies are occurring without consistent support from U.S.-based buyers.

Why This Matters

Historically, sustained positive Coinbase premiums have aligned with periods of strong institutional accumulation and healthier market structure. In contrast, extended negative readings often appear during corrective or consolidation phases, when risk appetite is subdued and buyers remain cautious.

The fact that the premium has stayed negative for nearly a month suggests that U.S. demand has not yet returned in a meaningful way, even as price volatility remains elevated.

Structural Takeaway

Based solely on the chart, Bitcoin’s recent price action lacks confirmation from Coinbase-led demand. A 25-day stretch of negative premium points to ongoing caution among U.S. investors and suggests that broader sentiment remains defensive rather than accumulation-driven.

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