Bitcoin
Bitcoin falls below $63K as Coinbase premium hits 77-day negative streak
US institutional demand for Bitcoin remains weak, with the Coinbase Premium Index at its longest negative streak on record despite July inflows into US spot ETFs.
Bitcoin traded below $63,000 on Monday as the Coinbase Premium Index—a gauge of US institutional appetite for the asset—extended its negative streak to 77 consecutive days, the longest on record.
The premium rate stood at -0.1369%, according to Coinglass data, reflecting prices persistently lower on Coinbase than on international exchanges. This discount has persisted since May 19, suggesting sustained selling pressure from American institutional investors. Markus Thielen, head of research at 10x Research, told Cointelegraph that the negative premium indicates US institutions continue to liquidate holdings.
The weakness contrasts with July's turnaround in spot Bitcoin ETF flows, which attracted $172.43 million during the month after heavy June outflows. The previous longest negative streak lasted 40 days from January to February this year, when Bitcoin slid from $95,000 to below $65,000.
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