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According to CoinGlass, the Coinbase Bitcoin Premium Index has remained in negative territory for 95 straight days from May 19 through today. As of 4:00 a.m. UTC on Aug. 21, the latest reading stood at -0.0334%.
The previous longest negative streak was 40 days, from Jan. 16 to Feb. 24 this year. The Coinbase Premium Index measures the Bitcoin price gap between Coinbase and global exchanges, and a prolonged negative reading suggests BTC buying demand in the U.S. market has been relatively weaker than in global markets. At the same time, the negative premium has narrowed sharply in recent readings, leading to interpretations that the BTC price gap between the U.S. and global markets has closed significantly.