Coinbase Bitcoin Premium Index Negative for Three Weeks
The Coinbase Bitcoin premium index has remained negative for three consecutive weeks, reflecting sustained selling pressure in the US market. Data from Coinglass and CryptoQuant show that the index fell into deeply negative territory with 18 straight days of selling and no buy signals for nearly 19 hours. Coinbase now trades at roughly a $90 discount compared to global venues, a level last seen when the premium dropped to minus $138 in February 2025. Traders view the negative premium index as an early liquidity warning that could trigger short-term price volatility. Short-term traders should watch for support around mid-$90,000 levels. Long-term investors may need to reassess US spot flows and gauge offshore demand dynamics as the market adjusts.
Bearish
A sustained negative Coinbase Bitcoin premium index signals weakened US demand and continued selling pressure, creating a bearish outlook for Bitcoin in the short term. The discount to global prices and the lack of buy signals act as a liquidity warning. While this may lead to heightened price volatility, technical support around mid-$90,000 could offer a floor. Long-term investors should monitor US spot flows and shifting offshore demand to gauge potential rebounds or further declines.