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Bitcoin faces weak US demand as Coinbase Premium Index hits record 90-day negative streak
Bitcoin is experiencing a period of market consolidation and technical volatility. A significant indicator of this trend is the Coinbase Bitcoin Premium Index, which has recorded its longest negative streak on record, remaining below zero for 90 consecutive days between May 19 and August 16. This negative premium suggests that Bitcoin is trading at a discount on Coinbase compared to Binance, potentially signaling weakened demand within the United States.
Institutional interest has also shown signs of cooling. US-listed spot Bitcoin ETFs recorded nearly $389.7 million in net outflows over the past week. Specifically, BlackRock’s crypto products saw combined net outflows exceeding $90 million between August 10 and August 14, with the iShares Bitcoin Trust (IBIT) accounting for $78.9 million of that total.
Despite these outflows and the negative premium, Bitcoin has recently attempted to defend key support levels around $62,500 to $63,500. While the market faces risks from potential liquidation waves and thin liquidity, some analysts note that whale accumulation continues, even as price momentum remains subdued.
Entities
Binance · Bitcoin · Bitcoin · BlackRock · Coinbase · Coinglass · Donald Trump · Fidelity · Glassnode
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] The negative streak occurred between May 19 and August 16. koinbulteni.com · cryptosnewss.com
- [● 3 SOURCES] The most recent reading of the index was -0.1066%. koinbulteni.com · cryptosnewss.com
- [● 3 SOURCES] A negative premium indicates Bitcoin is trading at a lower price on Coinbase compared to Binance. koinbulteni.com · cryptosnewss.com
- [● 3 SOURCES] The Coinbase Bitcoin Premium Index recorded its longest negative streak on record, lasting 90 consecutive days. koinbulteni.com · cryptosnewss.com
- [● 3 SOURCES] Fidelity’s FBTC recorded the largest weekly Bitcoin ETF outflow at approximately $153 million. www.fxpremiere.com
- [DISPUTED] US-listed spot Bitcoin ETFs recorded nearly $389.7 million in net outflows over the past week. www.fxpremiere.com · bitcoinmagazine.com · koinbulteni.com
- [○ 1 SOURCE] BlackRock recorded net outflows of $91.4 million in its crypto products between August 10 and August 14. bitfinanzas.com
- [○ 1 SOURCE] The iShares Bitcoin Trust (IBIT) recorded net disinvestment of $78.9 million over five sessions. bitfinanzas.com