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Bitcoin trades below $63,000 as Coinbase premium stays negative for 77 days
Coinbase’s premium rate has been at -0.1369% since May 19, even as US spot Bitcoin ETFs resumed net inflows in July totaling $172.4 million.
Bitcoin slipped under $63,000 on Monday, while the Coinbase Premium Index, a gauge of relative US demand, marked its 77th consecutive day in negative territory, according to Cointelegraph.
Cointelegraph cited data from Coinglass showing Coinbase prices have traded at a persistent discount to international exchanges since May 19, with the latest premium rate at -0.1369%, representing the longest negative streak on record.
Cointelegraph also said 10x Research head Markus Thielen linked the extended discount to ongoing selling pressure from US-based institutions, noting that the lack of a premium has suggested they are still liquidating holdings.
The prolonged disconnect between Coinbase pricing and broader markets persisted despite US spot Bitcoin ETFs returning to net inflows in July, when inflows totaled $172.43 million, reversing June’s heavy outflows, the outlet reported.
Latest closeBitcoin $62,559.62 ▼0.3%