According to Coinglass data, the Coinbase Bitcoin premium index has reappeared with a positive signal for the first time since May 19, reporting 0.0052%, ending a historical longest negative premium period of 97 consecutive days until August 23. Although these positive values are still relatively sporadic, they indicate that selling pressure from institutions has eased, undoubtedly helping the market continue to push upward, with the next step waiting for institutions to truly return and generate substantial demand.

The previous longest record of negative premium was 40 consecutive days from January 16 to February 24 this year, and the second longest was about 30 days of continuous negative premium during last year’s “1011 crash.” The Coinbase Bitcoin premium index is used to measure the price difference between Coinbase Pro and Binance for Bitcoin. A sustained negative index typically means that Coinbase’s quotes are relatively low, reflecting weak buying in the U.S. market or significant selling pressure, but it is not advisable to directly conclude that institutional funds are flowing out based solely on this indicator.